India’s oil demand to rise at fastest pace in world: Opec

News: The Organization of the Petroleum Exporting Countries (OPEC) has released the World Oil Demand report.

Facts:

  • The report has said that India’s oil demand will rise by the fastest pace globally in 2019 and 2020 even as its economic expansion has slowed down.
  • However,the report also highlighted that India has experienced lower than expected growth rates for first half of 2019 amid ongoing structural challenges.
  • The report has said that structural reforms covering labour laws, taxation and the legal system can ease the path for India‚Äôs businesses in the coming year.

Additional information:

About OPEC:

  • The Organization of the Petroleum Exporting Countries(OPEC) is a permanent, intergovernmental Organization.
  • It was created at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.It has its headquarters in Vienna, Austria.
  • OPEC aims to manage the supply of oil in an effort to set the price of oil on the world market and to avoid fluctuations that might affect the economies of both producing and purchasing countries.
  • According to its statutes,OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
  • The current OPEC members are: (a)Algeria (b)Angola (c)Ecuador (d)Equatorial Guinea (e)Gabon (f)Iran (g)Iraq (h)Kuwait, (I)Libya (j)Nigeria (k)the Republic of the Congo (l)Saudi Arabia (j)United Arab Emirates and (k)Venezuela.