India's oil demand growth expected to remain strong in FY24: Analysts
- IBEF
- January 4, 2024
India's oil demand is poised to stay optimistic in the current year, defying previous apprehensions about the impact of China's industrial slowdown and a global cut in crude production on related economies. Despite earlier concerns, experts now emphasize the rising economic activity in India as a catalyst for further increases in domestic demand for oil. According to the Organization of the Petroleum Exporting Countries (OPEC), India's oil demand is projected to reach 5.59 million barrels per day (b/d) in 2024, reflecting a notable 4.1% growth from the 5.37 million b/d recorded in 2023, as outlined in its monthly oil report for December.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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