Russia Plans to Foster Ties with India to Meet India’s Growing Demand for Crude Oil
India: In a bid to tap the
rising demand for crude oil in India, Russia have initiated USD13 billion deal with
the intention to supply crude oil to India. Over the next 25 years, India would
emerge as the leading region driving the demand for crude oil in the world.
Recently, Russia based Oil exploration firm signed the deal with Essar Oil to
tap the growing demand for crude oil in India. The deal would include setting
up 2700 Essar Oil stations in India that would cater the demand for petrol and
diesel products arising from trucks, cars and motorbikes in the country.
TechSci Research finds out the high economic
growth of India would result in increased demand for crude oil in Indian
industrial and transport market. India is poised to become the largest market
for crude oil by 2040. On the Russian side, the intention to tap India’s growing
demand for crude oil would boost the oil exploration activities in Russia. This
would stimulate the demand for drilling of more oil wells in the region. As a
result, the demand for drilling fluid used in the oil exploration activities is
expected to rise significantly.
According to released report of TechSci Research “Global Drilling Fluids Market By Type, By Application, By Region, Competition
Forecast & Opportunities, 2011 - 2021”, the global market for drilling fluids is forecast to grow at a CAGR of
over 8% during 2016-2021, on account of anticipated increase in oil & gas
drilling activities. In 2015, North America dominated demand for drilling
fluids across the globe, followed by Asia-Pacific. Moreover, water based
drilling fluids dominated global drilling fluids market, due to their environment
friendly properties and cost effectiveness.