India's crude oil demand to grow by 5% per year till 2020: Study

The report comes at a time when the country is trying to cut its oil import by 10%

India is trying to cut its oil import by 10 per cent but a report has said the demand was expected to grow at a compound annual growth rate of five per cent a year till 2020.

The report by S&P Global Platts, released on Thursday, has forecast eight per cent annual gross domestic product (GDP) growth over the next few years. 

Oil products’ demand would grow seven to nine per cent annually in the next five to 10 years, said the report. While gas demand was likely to grow seven per cent by 2020, power demand would zoom at