India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, but persistent increase in oil prices might act as a dampener for the rate of growth, Partha Ghosh, an executive director at Indian Oil Corp said on Tuesday.India's growth of 5.9 million bpd will make up about 24 percent of the overall gain. India's refining capacity would increase to about 439 million tonnes per year by the financial year of 2030 as new and existing refineries continue enhancing their infrastructure, while domestic demand is forecast to increase to 356 million tonnes per year over the same period.India's economy is very sensitive to oil prices. It's said that a $10 per barrel increase reduces India's GDP by 0.2 to 0.3 percent. For More Information Please Visit : www.dollaradvisory.com and Call : +91 9111-179961
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