The International Energy Agency (IEA) said on Thursday the “explosive growth” in Indian oil product consumption may be coming to an end.
In a monthly report, the IEA projected that India’s oil product demand growth would slow to 2.5% next year from 4.1% in 2023.
Indian oil product deliveries edged higher in November but were underwhelming compared to the usual seasonal rise, the agency noted.
Deliveries in November increased by 40,000 barrels per day (bpd), compared with the typical seasonal upswing of 170,000 bpd.
