Wednesday, 19 June 2024
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CommodityIndia

2024 will see a slowdown in the growth of the Indian oil market

  • India‘s oil demand growth is anticipated to decelerate in the following year.
  • Mukesh Sahdev predicts that daily consumption will increase to 150,000 barrels in 2024.
  • The nation’s economy has been growing quickly, which has increased demand for goods like diesel and gasoline.

India’s oil demand growth is anticipated to decelerate the following year as the pandemic-related consumption spikes fade, mirroring a slowdown in China and adding to the pressure on prices.

Mukesh Sahdev, Head of Oil Trading at Rystad Energy, predicts that daily consumption will increase to 150,000 barrels in 2024, down from approximately 290,000 barrels per day in 2021–2023.

Indian oil market

According to the International Energy Agency, growth will only reach 100,000 barrels per day. Oil prices have dropped this quarter as a result of persistent concerns that global supply is outpacing demand.  

India, the third-largest consumer of crude oil, is an important market for Middle Eastern and Russian producers. The nation’s economy has been growing quickly, which has increased demand for goods like diesel and gasoline.

Even though total oil consumption is at a record high, the rate of growth will slow down as the pandemic’s one-time lift goes. Less than one-third of the increase in 2023 will be consumed by China, the world’s largest importer of crude oil, in 2024, with an additional 500,000 barrels consumed daily.

The more pessimistic outlook and doubts about OPEC+’s capacity to carry out scheduled cuts have put pressure on Brent crude, the world benchmark, which is currently headed for a third straight monthly decline.

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