More Demand for Fuel is A Reality

A few months ago, Vitol Asia president Mike Muller revealed some interesting numbers concerning the oil & gas demand in the world during the Middle East Petroleum & Gas Conference in Dubai. He said, “We are going into the second half of the year where, largely thanks to Asian demand growth, the world is going to need about 2 million barrels per day more than it needs now”.

Perhaps fossil fuel doesn’t have a bright future in the world, but its present is rather healthy. Despite the Russia-Ukraine conflict and subsequent crunch of the fuel supply, the gasoline demand in Europe recorded the strongest this year since 2015 (January to-June period), according to Bloomberg calculations based on government data. The third-largest consumer of oil in the world as of 2022, India’s economic growth is highly influenced by its energy demand. Therefore, the demand for oil and gas is ever-increasing. While this makes the sector quite conducive for investment, it also points fingers at the dire need and scale of responsibilities toward climate. To concoct a green revolution in the country, the union government has set an ambitious target of producing 500 GW of renewable energy by 2030, which includes the installation of 280 GW of solar power and 140 GW of wind power. But for a population north of 140 crore, it’s a mountain to climb. It’s the right time to present our yearly special issue featuring some exciting stories from the Oil and gas industry.