World Oil Outlook 2021

In News 

• Recently, the World Oil Outlook 2021 projected that the oil demand in India is expected to reach around 11 million barrels per day by 2045 as compared to approximately 4.9 million barrels per day in 2021.

About World Oil Outlook 2021

• It is a flagship publication by the Organization of Petroleum Exporting Countries( OPEC).
• It is part of the Organization’s commitment to market stability.
• It combines the expertise of the OPEC Secretariat, professionals in OPEC Member Countries and the Organization’s Economic Commission Board, as well as input from various other sources. 
• It aims to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry. 
• It is also a channel to encourage dialogue, cooperation and transparency between OPEC and other stakeholders within the industry.

Initiatives are taken by India 

• The government is taking various steps to provide for the country’s energy security including Tamil Nadu, through, inter alia, increasing domestic production of oil and gas in all states of India, diversifying import sources to new countries and regions. 
  • The government is diversifying energy sources beyond traditional hydrocarbons to emerging fuels like Ethanol, Compressed Biogas, and Hydrogen through schemes such as Ethanol Blending Program, Sustainable Alternative Towards Affordable Transportation.
• The government has been taking up the issue, bilaterally with crude oil-producing countries with OPEC and with heads of other international fora to convey India’s serious concerns over crude oil price volatility, and India’s strong preference for responsible and reasonable pricing for consumer countries.

Source: Air