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.