IEA Sees Indian Oil Product Demand Growth Slowing in 2024

Thursday, December 14, 2023

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.

Data from the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed that India's fuel consumption in November fell after hitting a four month peak in the previous month, hit by reduced travel in the world's third biggest oil consumer as a festive boost fizzled out.

According to the IEA, the annual 2023 gains will be 220,000 bpd. It sees growth slowing down to 110,000 bpd in the fourth quarter of 2023.

The IEA put the rate of increase in 2024 at 140,000 bpd. That would still be the second-highest growth globally, but far lower than China's 710,000 bpd.


(Reuters - Reporting by Anushree Mukherjee and Ashitha Shivaprasad; Editing by Mark Potter)

Categories: Energy Oil

Related Stories

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Subsea7 Secures Work at Black Sea Field off Türkiye

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

China Rolls Out 17MW Floating Wind Turbine Prototype

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com