India’s oil demand growth expected to remain strong in FY24: Analysts
Oil demand in India is expected to remain positive this year despite worries over an industrial slowdown in China affecting related economies, and a cut in global crude production, experts said.
These factors had been cited to stress an impending fall in demand a few months back. But most are now increasingly pointing to rising economic activity in the country as a trigger for further increases in India’s domestic demand.
In its monthly oil report for December, the Organization of the Petroleum Exporting Countries (OPEC) has projected India’s oil demand in 2024 at 5.59 million barrels per day (b/d), up from 5.37 million b/d in 2023, resulting in a growth of 4.1 per cent.
