Indian Oil Demand

Consumes nearly half a million barrels a day more than in 2019

In what may come as relief amid growing uncertainty over availability of petroleum products across the world in the aftermath of Russia-Ukraine war, India's largest explorer ONGC plans to raise its

Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030, Union Petroleum and Urban Affairs Minister Hardeep Singh Puri said.

New Delhi is yet to announce a comprehensive and detailed policy across the energy spectrum to tackle this very real threat to economic growth

India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2023, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe. For 2023, the Organisation of Petroleum Exporting Countries (OPEC) projected a growth of 4.67 per cent in India's demand to 5.38 per cent. This, however, will be lower than 4.86 per cent growth in China. India is the world's third largest oil importing and consuming nation behind the US and China. The demand for petroleum products in India is supported by the healthy economic growth of 7.1 per cent, continuing economic reopening amid ease of COVID restrictions and easing of trade-related bottlenecks supporting both mobility and industria

India's oil product demand in May was up 860,000 barrels per day or 22 per cent year-on-year from a low base in 2021, S&P Global Commodity Insights said in a note.

Petroleum Minister Hardeep Singh Puri on Friday said India imports a very small portion of its oil requirements from Russia and was open to buying it if the terms were right

India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance

Consumption of aviation fuel would likely increase by nearly 50% to 7.6 million tonnes, compared with the revised estimate of 5.1 million tonnes for the year ending March 2022

India's dependence on imported oil and gas is rising steadily but the country's premier exploration conglomerate is running on empty

Modi aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence

The plunge in consumption at the world's third-biggest crude consumer will weigh on sentiment on oil prices and damp expectations for a strong global demand rebound in the summer

The Organization of the Petroleum Exporting Countries expected demand to rise by 5.95 million barrels per day (bpd) this year, or 6.6%, its forecast unchanged from last month.

Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher OPEC+ supply offset optimism over rising demand in other major consumers such as China and the United States

The total oil demand in India, according to their estimate, had declined to 470,000 b/d in 2020

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners

After dipping by about 2 per cent in March from February, overall consumption of oil products looks set to extend declines this month.

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