International comparisons of global city financing: a report to the london finance commission.9/15/2023 ![]() Goldman Sachs's forecast from last year said that global oil demand will recover to pre-pandemic levels of 100 million bpd between January to August 2021. Each time petrol or diesel prices rise in India, we should ask ourselves, have we done enough to contribute to greener fuels? The price of any commodity, including oil, is driven by demand and supply dynamics. As per the EIA, India is set to replace China as a oil guzzling behemoth in the next few years. The Organisation of the Petroleum Exporting Countries (OPEC) projected India's oil demand to rise by 5.8 million barrels per day (bpd) by 2040-accounting for about 40 percent of the overall increase in the global demand during the said period. India consumed 206.2 million tonnes in 2017-18. According to the US Energy Information Administration (EIA), India is currently ranked behind the US and China as the world's third-largest oil consumer. Since more than 80 percent of India's oil demand is met via imports, any surge in global Brent crude price has a sizeable impact here, as both petrol and diesel are now fully deregulated. ![]() A good 25 percent of that rise has come in the last one month alone. The recent bull rally in global oil prices from $18 a barrel in April 2020 to $65 in February 2021 effectively means that crude oil prices have risen by an unbelievable 261 percent in the last 10 months.
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