Oil Demand

Weak demand, particularly in top importer China, and non-Opec+ supply growth were two factors behind the move

At 6:55 AM, GIFT Nifty futures were down 13.5 points, trading at 24,260, indicating a flat to negative start for the markets

The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.82 million barrels per day in 2024, down from 1.93 million bpd it expected last month

China, which has accounted for more than 60 per cent of global oil demand growth in the last decade

Projected capacity increases aim to address domestic energy needs and enhance global supply

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Global oil demand is experiencing its slowest growth since 2020, primarily due to weak demand from China and a drop in Russia's global oil supply

Global oil demand will flatline till 2035 before falling, as Chinese demand slows

The reduction still leaves Opec at the top end of industry estimates. Oil was steady after the report was released, trading above $80 a barrel

US consumer sentiment weakened in June to a seven-month low as inflation and income worries linger, a survey showed on Friday

The Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid US fuel demand this summer

Demand growth to be driven by India, China

India's fuel consumption rose 8.2% year-on-year last month, government data showed earlier this month

Can the country's refining capacity keep up?

The country is already second largest net importer of the fuel, say agency in report on energy security

India will overtake China as the biggest driver of global oil demand in 2027 as transportation and industry consumption in the world's fastest-growing major economy will drive growth despite a big push for clean energy and electrification, the International Energy Agency said on Wednesday. The Paris-based agency in a special Indian Oil Market Outlook to 2030 report released at the India Energy Week here, said the country's oil demand will rise from 5.48 million barrels per day in 2023 to 6.64 million bpd in 2030. China currently is the biggest driver of oil demand and India ranks No.2 in growth. The numbers given by IEA in the report seem to talk of crude oil processed into fuel for domestic as well as for exports. The domestic consumption as per the oil ministry data is around 5 million barrels per day (bpd). "India's oil demand will grow at a rapid pace by 2030 despite accelerated green energy moves," IEA director of energy markets and security Keisuke Sadamori said. "Growth in .

The agency forecast India's demand would reach 6.6 million bpd in 2030, up from 5.5 million bpd in 2023

Haitham al-Ghais, secretary general of Opec stated no single source alone could cater to the growing global energy demand

Both benchmarks made weekly gains of more than 6%, marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza

IEA predicts that global oil consumption will rise by 1.24 million barrels per day (bpd) in 2024, compared with OPEC's 2.25 million bpd projection