Business News Live: India may need additional refining capacity of 2 million bpd by 2030, says the chairman of the IOC

10:00 A.M

India could need additional refining capacity of 2 million bpd by 2030, says the chairman of the IOC

India needs to increase 2 million barrels per day (bpd) of refining capacity by 2030 to support its economic expansion, even as it takes steps to switch to cleaner fuels. Reuters reported, citing the chairman of the Indian Oil Corp (IOC).

India, the third largest oil importer and consumer in the world, currently has a refining capacity of 5 million barrels per day. The IOC controls about a third of them.

“We’re an emerging economy and a very emerging economy, and development is linked to energy consumption… so obviously we can’t wish fossil fuels away that early. They have a role to play, ”said SM Vaidya of the IOC at the Platts APPEC 2021 conference.

9:30 AM

Sensex, Nifty open higher

The Indian benchmark stock indices Sensex and Nifty opened higher, near record highs, supported by gains in auto and bank stocks.

The Sensex opened 255.6 points higher at 60,304.1 and Nifty opened 79 points higher at 17,932.2.

Auto stocks rose 0.8%, led by Tata Motors, the biggest Nifty winner, up more than 1%, while public banks rose 0.7%.

9:15 a.m.

Oil splash amid supply bottlenecks

Oil prices rose for the fifth straight day amid supply constraints as demand rises in parts of the world with pandemic conditions easing, Reuters reported.

Brent crude rose 1.5% to $ 79.23 a barrel, while US oil rose 1.11% to $ 75.09.

“The supply shortage continues to pull away from inventory levels in all regions,” said ANZ Research in a press release.

9:00 AM

Asia stocks rise higher

Asian stocks rose as risk sentiment turned for the better, Reuters reported.

MSCI’s broadest index for Asia Pacific stocks outside of Japan solidified 0.5% and Japan’s Nikkei gained 0.4% in hopes of further fiscal stimulus once a new prime minister is elected. Nasdaq futures rose 0.4% and S&P 500 futures rose 0.5%.

Chinese blue chips rose 1.1% as the country’s central bank pumped more money into the financial system and investors hoped Beijing would limit the impact of the ailing China Evergrande Group.