REFILE-IEA sees India's oil imports rising despite plans to up domestic output
(Fixes typo in third paragraph, inserts missing words in last paragraph)
* Imported oil will meet 90 pct of India's needs by 2014
* Domestic output to tail off due to limited resources, high costs
By Sankalp Phartiyal
NEW DELHI, Nov 27 (Reuters) - India's reliance on foreign oil will jump from 80 percent to 90 percent by 2040 and it would lead global energy demand growth, the International Energy Agency said in a report on the world's third largest energy consumer released in New Delhi on Friday.
"India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and on the world stage," the report said.
As a consequence India's economy will remain vulnerable to oil price volatility and political turbulence in oil and gas producing countries.
IEA Executive Director Fatih Birol said the think-tank expects global oil prices to hit levels of around $80 per barrel by 2020.
Brent crude weakened to $45.17 per barrel on Friday. Continuación...