India’s rising oil demand to support investments in refineries: Moody’s

New Delhi: India’s rising oil consumption will support its investments in refining capacity additions and upstream production, but imports will keep growing amid stagnant production, Moody’s Investors Service said on Monday.

The country’s dependence on imported crude oil to meet its needs has risen to 83.7 per cent in 2018-19 fiscal year from 82.9 per cent in 2017-18. Import dependence was 80.6 per cent in 2015-16.