KETEP 세계에너지시장정보

Executive summary .................................................................................................................. 9


Chapter 1. Oil Demand ........................................................................................................... 13

 India’s economic engine powers global oil demand through 2030 ....................................... 13

 Road transport leads Indian oil demand growth ................................................................... 16

 Indian air travel demand remains limited, but with room to grow ......................................... 20

 Clean cooking initiatives will continue to boost LPG demand .............................................. 21 

 Petrochemical sector growth smaller than the global average ............................................. 21 


Chapter 2. Oil Supply ............................................................................................................. 23 

 Overview ............................................................................................................................... 23 

 Fiscal and licensing reforms ................................................................................................. 25 

 Geology and exploration outlook .......................................................................................... 26 


Chapter 3. Refining................................................................................................................. 29 

 Indian refineries set for continued growth ............................................................................. 29 

 High-value production rises despite heavier crude slate ...................................................... 31 

 Refineries focus on petrochemical integration and increased light and middle distillates ... 32 

 Investment plans and capacity ............................................................................................. 34 


Chapter 4. Oil trade................................................................................................................. 39 

 India ranks as the world’s second largest net crude importer and sixth largest product exporter .... 39 

 Crude trade – Increasing exposure to Russia and the Middle East ..................................... 40

 Product trade – modest importer but major exporter ............................................................ 42 

 India set to play an expanded role in global oil markets ....................................................... 43 

 India and Asian refiners in East versus West product balances .......................................... 45 

 Light-ends balances and trade ............................................................................................. 45 

 Middle distillate balances and trade ...................................................................................... 47 

 Fuel oil balances and trade ................................................................................................... 48 

 LPG balances and trade ....................................................................................................... 50 


Chapter 5. Biofuels ................................................................................................................. 55 

 Biofuels key in India’s push to decarbonise transportation .................................................. 55 

 Biofuel use is accelerating, led by emerging economies...................................................... 55 

 Indian biofuels boosted by strong policies ............................................................................ 56 

 Indian biomass use and supply potential .............................................................................. 58 
 

Chapter 6. Implications for energy security ........................................................................ 59 

 Current oil stockholding situation in India ............................................................................. 59 
 
 Annex ....................................................................................................................................... 65 

 Abbreviations and acronyms................................................................................................. 65 

 Units ...................................................................................................................................... 66