Indian oil outlook to 2030

Important facts for upsc

• It is published by IEA (International energy agency).
• According to the report India is the third largest oil consuming country after USA and China.
• India can surpass China in oil demand upto 2027.
• Diesel/gasoline is identified as the single largest source of demand growth for India.
• India currently is the third lagest crude oil producer and consumer.

India is already the world's third largest consumer and producer of ethanol (ethanol blending rate is 12% which is highest at global level).

What is IEA(International energy agency)?

Headquarter :-  Paris 

31 members including India and four accession countries. One important thing is to be a member of IEA country should also be the member of OECD.

Major reports given by IEA

1. World energy outlook
2. World energy investment report
3. India energy outlook report 

SPR(strategic petroleum reserve)

These are the stockpiles of crude oil which are maintained by countries ensuring a stable supply of crude oil even during times of any kind of emergencies.

In India

 SPR I

Government of India has set up 5.33 MMT of strategic crude oil storage in SPR phase I at following three locations

vishakhapatnam,AP

Padur, Karnataka

Manglore, Karnataka

 This was started in Feb 2019

SPR II

6.5MMT

Locations:- Chandikhole,Odisha

                     Padur, Karnataka

Upcoming

4MMT Chandikhole Odisha

2.5MMT Padur Karnataka