India’s Thirst For Oil Is Outpacing China

In a disclosure that might not necessarily be good news for Indian economic and government planners, energy consultancy Wood Mackenzie said last week that India will pass China as the country with the largest demand for oil by 2024, accounting for about 30 percent of total global oil demand growth.

Sushant Gupta, a research director for energy consultancy Wood Mackenzie said that this would create substantial problems for the country’s refining sector. “This is clearly an uphill task, unless domestic refiners can commit to their planned capacity additions,” Gupta said in statements to UPI.

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$90 Oil Is A Very Real Possibility

U.S. sanctions on Iran could push oil prices up to $90 per barrel later this year.

The first round of U.S. sanctions on Iran just took effect, a slew of measures targeting Iran’s currency and its financial sector. The U.S. sanctioned the trading of bank notes issued by the Iranian government, the trade of gold and precious metals, any transactions involving the Iranian rial, Iran’s sovereign debt and its automotive sector.

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