Reliance Industries Ltd (RIL) chairman Mukesh Ambani said on Sunday that G8 has become outdated. “The G-8 has become outdated. How can you keep two billion people (from India and China) out of a group and make decisions about the world,” said Mr Ambani at the India Economic Summit. He said that there is a great disparity in the oil consumption in the world. The per capita consumption of oil is five barrels globally, for the US it is 25 barrels and for India it is only 1 barrel and therefore there will be increase in demand for oil consumption in future, said Mr Ambani. He said that while developed nations grew when oil prices were cheaper, the developing countries will have to grow at a higher oil prices.
“I was at an oil conference and the thing that struck me was a comment by one of the participants that Americans can’t really complain about oil prices reaching $80 or $100 per barrel as they pay $1,100 a barrel for Star Bucks coffee,” he said. “Once it was said that there was only 1 trillion barrels of oil in the world but we have already consumed that and we are getting to another one trillion barrels though even that will be only for 20 to 30 years,” Mr Ambani said.