India Set To Account For 15% Of Global Oil Demand Growth In 2019

India is one of the major drivers of global economic and oil demand growth. The country's GDP is projected to grow by 6.1% in 2019 and 6.7% in 2020, making it one of the world's fastest growing economies, noted Mohammad Sanusi Barkindo, OPEC Secretary General at the 3rd India Energy Forum by CERAWeek. He stated further that India's oil demand increased in August by 0.12 mb/d for the second month running with total consumption of 4.61 mb/d. The country's oil demand growth in 2019 is estimated at 0.14 mb/d y-o-y, accounting for 15% of global oil demand growth. India imports around 80% of its oil from OPEC and our OPEC Countries are forging ever-closer investment ties with India, he noted.

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