ISTANBUL/NEW DELHI, July 12:
Union Petroleum and Natural Gas Minister Dharmendra Pradhan today said rising number of middle class in emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking and transportation fuel.
Speaking at a Plenary Session on ‘Supply and Demand Challenges for Oil, Gas and Products’ at the 22nd World Petroleum Congress”, Mr Pradhan said, “As incomes rise, demand for petrochemicals, the raw materials for several of the lifestyle products will also increase.”
Giving example of India, he said the energy consumption is expected to grow to almost double by 2035. India is the only country where the demand will continue to rise for more than a decade.
He flagged the importance of “Responsible Price” for crude oil for countries like India which would allow it to provide energy to the common people. He also underlined that in today’s oversupplied market, it is important for producers to understand the perspective of consumers and demand centres and the changes that have taken place in these demand centres. (PTI)
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