Page 2 - Oil Demand

India's oil demand growth expected to remain strong in FY24: Analysts

Forecast of higher demand come amid industrial slowdown fears in China

Petrol, diesel sales dwindle as winter sets in, PSU firms' data show

Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday. Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared to the year-ago period, while diesel demand dropped 7.8 per cent to 6.73 million tonnes. The onset of the winter season in northern India led to the tapering of air-conditioning demand. Month-on-month petrol sales dropped 4.9 per cent when compared to 2.86 million tonnes consumption in November. Diesel demand too was down 0.8 per cent month-on-month when compared to 6.79 million tonnes in November. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. Transport sector accounts for 70 per cent of all diesel sales in the country. Fuel consumption has been on a see-saw over the last couple of months. Demand for both petro

Oil prices to end year 10% lower as demand concerns snap winning streak

Brent crude futures were up 33 cents, or 0.4%, at $77.48 a barrel at 0756 GMT on Friday, the last trading day of 2023

India makes first-ever rupee payment for the purchase of crude oil from UAE

India spent $157.5 billion on importing 232.7 million tonnes of crude oil with West Asia contributing 58% of all supplies

First rupee payment for oil to UAE: Looking for more deals, say officials

India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. With the nation more than 85 per cent dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil. While the strategy helped save billions of dollars, when it ramped up imports of Russian oil that was shunned by some in West post Ukraine war, it is looking to settle trade in rupees instead of dollars in a bid to cut transaction costs by eliminating dollar conversions. India in July signed an agreement with the UAE for rupee settlement and soon after Indian Oil Corporation (IOC) made .

After bumper years, oil demand growth in Indian market to taper in 2024

Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev.

Oil prices drop further as uncertain demand outlook weighs OPEC+

The U.S. services sector slowed in September as new orders fell to a nine-month low, though the pace remained consistent with expectations for solid third quarter economic growth

India's overdrive to trim fuel output investments threatens supply security

Oil ministry's plans involve a rapid exit from fuels without considering implications, writes S Dinakar

Oil down 1% as weak US gasoline demand offsets big draw in crude stocks

Prices bounced off session lows as investors noted a much larger-than-expected draw in U.S. crude stocks

Oil prices fall as China woes offset boost from high US fuel demand

Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session

India's July fuel demand up 1.9% YoY to 18.09 mn tonnes: Oil ministry data

Sales of gasoline fell 5.3% to 2.99 million tonnes and sales of diesel decreased around 13% to 6.89 million tonnes in July from the previous month, the data showed

A crude shock from Moscow: Testing times for India's energy security

Russia now accounts for a little less than half of India's oil imports but the current political instability raises serious questions about the long-term reliability of supply

Crude oil slumps on demand concerns amid rising rates offset supply cuts

Brent crude fell 49 cents, or 0.7%, to $75.18 a barrel by 1005 GMT while U.S. West Texas Intermediate (WTI) crude slipped 63 cents, or 0.9%, to $69.99

Manufacturing, rise in air travel to take India oil demand to 5.4 mb/d

A better-than-expected rebound in Chinese economic activity may further empower oil demand in Asia which should be complemented by the rise in domestic demand for air travel

Sale of petroleum products halves in Pakistan, high inflation to blame

The marginal recovery in diesel sales during the month of April can be attributed to increased mobility due to the festive season and Eid holidays

OPEC cites downside risk to summer oil outlook, holds demand forecast

Some members of OPEC+, which includes OPEC, Russia and others, announced new voluntary production cuts on April 2

Opec+ output cut opens door to others for battle over Asia's oil demand

A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia

India set to surpass China in need for oil as growth paths diverge

With daily crude consumption triple that of China, traders and producers looking to tap into diminishing global demand growth will be betting on India into the next decade

Oil prices recoup losses after OPEC upgrades China demand outlook

The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs

India's oil deals with Russia dent decades-old dollar dominance

India is the third largest oil importer, and Russia became its leading supplier after Europe shunned Moscow following its invasion of Ukraine last year