Oil Demand

World oil demand this year and next is growing at less than half the pace seen in 2023.

Crude may fall below $60 by December; India demand to stay robust: S&P Global

Crude is expected to slide in the $55-$60 range on muted demand, Premasish Das, Executive Director of S&P Global Commodity Insights, has said

India's petroleum demand to grow 3-4% in FY25: Fitch Ratings

The growth in the current fiscal is supported by rising consumer, industrial and infrastructure demand, the rating agency said in the report, projecting India’s GDP growth at 6.4 percent in FY25.

OPEC forecasts global oil demand to grow by 2.3 million bpd in second half of 2024

The group, in its monthly oil report, said that the services sector is projected to be the main contributor to the economic growth in the second half of the year, particularly supported by travel and tourism.

How did crude oil prices move after OPEC+ decided to phase out supply cuts?

The extension of supply cuts by the oil cartel till September 2024 is expected to have no impact on the supply of crude oil to India as the oil demand of the country has been met fairly till now.

OPEC keeps global oil demand forecast unchanged, expects growth of 2.2M bpd for 2024

OPEC anticipates total world oil demand to reach 104.5 million bpd for 2024, supported by strong air travel demand and healthy road mobility, including trucking, as well as industrial, construction and agricultural activities in non-OECD countries.

India to see healthy oil demand growth driven by diesel in 2024: OPEC

In first half of the year, OPEC expects India’s oil demand to increase by an average of around 250 thousand bpd year-on-year, supported by robust economic activity

IEA raises 2024 global oil demand estimates amid improved outlook from US

The organisation, however, said the pace of expansion would still slow from 2.3 million bpd in 2023 to 1.3 million bpd in 2024. In the last month’s report, IEA had forecast global oil demand at 1.2 million bpd for 2024.

OPEC forecasts strong global oil demand in 2024, 2025 driven by transportation fuels

In an OPEC report released on March 12, the oil cartel said global oil demand is expected to expand by 2.2 million barrels per day (bpd) in 2024, and by 1.8 million bpd in 2025.

OPEC predicts robust oil demand for 2024 supported by resilient global GDP growth

The oil cartel said in a report that oil demand is expected to be supported by resilient global GDP growth, amid continued improvements in economic activity in China.

Crude oil prices edge higher as optimistic investors await OPEC meeting

Benchmark Brent crude was trading at $81.43 per barrel on November 24. Prices declined almost 0.7% to end near $81 a barrel on November 23 after a sudden delay to a scheduled OPEC meeting.

Global oil demand to remain strong on transportation fuel uptake, says RIL

RIL has said oil demand would settle at 102.7 million barrels per day (bpd) in 2024 and average at 101.8 million bpd in 2023

MC Exclusive Poll: Crude oil prices to remain elevated but will not breach $100 per barrel in 2023, say energy experts

According to a poll of 12 experts from brokerages and rating agencies, retail prices of petrol and diesel in India are expected to remain in the current range.

Reliance forecasts healthy oil demand on the back of steady economic growth

New supply from upcoming refining capacities in Middle East, China and Africa will likely keep the market balanced, the company said.

India to surpass China as main driver of global oil demand growth by 2027: IEA

IEA said that growth of global oil demand is set to slow down, almost coming to a halt by 2028. This is due to hastened shift towards cleaner energy technologies for energy security concerns.

Crude oil prices may rise as Saudi output cuts kick in but remain range-bound: Experts

Lacklustre demand from China, high inflation globally, and recession fears in several countries of Europe have resulted in a decline in crude oil prices

The oil market’s real weakness is supply, not demand

Sanctioned producers are finding ways to get their crude to market.

Crude oil prices up 2% on rising U.S. oil demand and lower output

Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75.

Reliance Industries monitoring OPEC+ supply cut impact on price, demand: CFO

Reliance Industries on April 21 reported 19.1 percent year-on-year (YoY) growth in consolidated profit at Rs 19,299 crore for the quarter ended March of the financial year 2022-23.

Oil demand to plateau across the world before beginning to slide by 2050: BP

Decline in oil demand would be driven by the falling use of oil in road transport as vehicles become more efficient and are increasingly fuelled by alternative energy sources, said BP in a report.

Russian oil exports in March soared to the highest since April 2020: IEA

IEA highlighted that Russia’s estimated oil export revenues rebounded by $1 billion to $12.7 billion.

World oil demand to grow at 2.3 million barrels per day in 2023: OPEC

Oil demand in India for 2023 will be driven by air travel recovery, supported by healthy mobility and steady industrial activity, said Organisation of Petroleum Exporting Countries (OPEC).

Oil to retain largest share of energy mix until 2045: OPEC

Share of oil in the energy mix will drop to 29 percent by 2045 from 31 percent in 2021, said Ayed S Al-Qahtani of OPEC.

Oil prices remained volatile in 2022 driven by geopolitical tensions, demand worries

Prices surged to 14-year high of $140 per barrel in March but have now tapered off to around $80 per barrel.

OPEC expected to stick to view of long-term oil demand rise

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on October 31.