India's oil demand to grow by 6.6% in 2024
13 Aug 2024
2 Min Read
CW Team
India's oil demand is expected to grow by 6.6% in 2024, according to the latest OPEC Monthly Oil Market Report. This growth positions India as a key contributor to the overall non-OECD oil demand, which is projected to increase by approximately 1.9 million barrels per day (mb/d) in 2024. Despite a slight downward revision in global oil demand growth forecasts, India's demand outlook remains unchanged.
Globally, the report revises the world oil demand growth forecast for 2024 downward by 135,000 barrels per day (b/d), bringing it to 2.1 mb/d. This adjustment is primarily due to lower-than-expected demand growth in China and data from the first half of 2024. However, India's demand, driven by a projected economic growth rate of 6.6%, shows resilience amidst these global revisions.
India's demand is bolstered by steady economic activity, particularly in the transportation and manufacturing sectors. In contrast, OECD countries are anticipated to experience modest demand growth of around 0.2 mb/d in 2024. India's role in the global oil market remains significant, as it continues to be one of the primary drivers of non-OECD demand growth alongside China and the Middle East.
Looking ahead to 2025, India's oil demand is forecasted to rise by 6.3%, maintaining its upward trajectory. This consistent growth is linked to India's expanding industrial base and population, which are key factors in the country's increasing energy consumption.
India's crude oil imports in June 2024 averaged 4.5 mb/d, a slight decrease from the strong levels observed in previous months, reflecting seasonal trends. Additionally, product imports declined by 8%, mainly due to reduced inflows of LPG. Nevertheless, India's overall oil demand remains stable, with the country's refineries operating at high utilization rates to meet domestic and export needs.
In the global context, the report highlights a mixed economic performance among major economies. While the global oil demand forecast has been revised slightly downward, the US economy's growth has been revised upward to 2.4% for 2024, contrasting with a slight downgrade in Japan's economic growth to 0.2%. The Eurozone's growth forecast remains unchanged at 0.7% for 2024.
India's oil demand is expected to grow by 6.6% in 2024, according to the latest OPEC Monthly Oil Market Report. This growth positions India as a key contributor to the overall non-OECD oil demand, which is projected to increase by approximately 1.9 million barrels per day (mb/d) in 2024. Despite a slight downward revision in global oil demand growth forecasts, India's demand outlook remains unchanged.
Globally, the report revises the world oil demand growth forecast for 2024 downward by 135,000 barrels per day (b/d), bringing it to 2.1 mb/d. This adjustment is primarily due to lower-than-expected demand growth in China and data from the first half of 2024. However, India's demand, driven by a projected economic growth rate of 6.6%, shows resilience amidst these global revisions.
India's demand is bolstered by steady economic activity, particularly in the transportation and manufacturing sectors. In contrast, OECD countries are anticipated to experience modest demand growth of around 0.2 mb/d in 2024. India's role in the global oil market remains significant, as it continues to be one of the primary drivers of non-OECD demand growth alongside China and the Middle East.
Looking ahead to 2025, India's oil demand is forecasted to rise by 6.3%, maintaining its upward trajectory. This consistent growth is linked to India's expanding industrial base and population, which are key factors in the country's increasing energy consumption.
India's crude oil imports in June 2024 averaged 4.5 mb/d, a slight decrease from the strong levels observed in previous months, reflecting seasonal trends. Additionally, product imports declined by 8%, mainly due to reduced inflows of LPG. Nevertheless, India's overall oil demand remains stable, with the country's refineries operating at high utilization rates to meet domestic and export needs.
In the global context, the report highlights a mixed economic performance among major economies. While the global oil demand forecast has been revised slightly downward, the US economy's growth has been revised upward to 2.4% for 2024, contrasting with a slight downgrade in Japan's economic growth to 0.2%. The Eurozone's growth forecast remains unchanged at 0.7% for 2024.
Next Story
RentenPe and Mygate Partner to Transform Rent Payments in India
Through a strategic partnership, RentenPe and Mygate aim to streamline rent payments and promote financial inclusion by enabling rent-based credit scores for Indian renters. RentenPe, India鈥檚 first Rent Credit Score鈩� platform and a pioneer in rental fintech innovation, has entered a significant alliance with Mygate, the leading community management app in the country. This partnership will transform rent transactions for millions of Indian households by embedding RentenPe鈥檚 payment and rent credit scoring technology directly within the Mygate app. With this integration, all ren..
Next Story
Supreme Unveils New Brand Identity to Elevate Lifestyle
Supreme, a respected name in Indian real estate with a four-decade legacy, has announced a complete rebranding. The move includes the launch of a new logo and a revamped website, both reflecting the group鈥檚 refreshed vision to 鈥楨levate Lifestyle鈥�. This brand transformation represents more than a visual refresh鈥攊t marks a strategic shift in the company鈥檚 mission, visual identity and market positioning. The update will be visible across all of Supreme鈥檚 digital, social and offline communication platforms. At the core of the initiative is a renewed focus on purposeful design..
Next Story
Capri Loans Launches #TarrakiKeHaath Campaign Honouring India鈥檚 Everyday Heroes
Capri Global Capital Ltd (Capri Loans), a leading non-banking financial company, has unveiled its latest brand campaign, #TarrakiKeHaath, a powerful tribute to the everyday hands that build India 鈥� from kirana store owners and taxi drivers to dhaba workers, tailors, and carpenters. Narrated by Capri Loans鈥� long-standing brand ambassador and acclaimed actor Pankaj Tripathi, the campaign celebrates the dignity, resilience, and aspirations of self-employed individuals and small business owners who form the backbone of Bharat鈥檚 economy. Conceptualized by Rediffusion Brand Solutions, the..
