Indian demand resistant to triple-digit oil
World’s third-largest consumer should see sturdy growth in oil consumption during 2024 even if prices rise
India is expected to register steady growth in crude oil consumption during 2024 given its ability to shrug off relatively high prices. Analysts and officials believe prices would need to rise significantly and for a sustained period of time to start really hurting demand. The data so far this year backs up this assertation: there has already been solid growth in demand for crude oil and finished products during the first four months of the year despite prices being well above $80/bl. There seems little to fear in terms of demand destruction. From January to April, India’s appetite for oil has barely been quelled. Consumption increased by 4.8% during that time compared with the same period
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
