Oil ain’t going anywhere, at least not in India


Oil ain’t going anywhere, at least not in India

Despite fuel demand falling to a 26-month low in September — 16.01 million tonnes, the lowest since July 2017 — India’s oil demand isn’t going on a crash diet anytime soon.

Well, not for the next 20 years at least, according to the latest World Energy Outlook 2019 report by the International Energy Agency which predicts that the country’s oil demand will nearly double by 2040 — from 4.88 million barrels per day (bpd) in 2019, according to Opec, to 9 million bpd.

Tempered bullishness?

Not that the IEA’s projection is a news flash — three years back, Opec had made a similar prediction, though its projection was a slightly higher figure of 10 million bpd by 2040. Read More

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