India’s demand for crude oil is rising at a pace that will outstrip China’s volume of growth and put the country right behind the U.S. in this measure, a position that will allow the South Asian country to expand its influence in the market for the essential commodity.
Crude oil prices were headed for a third weekly loss on Friday as Saudi Arabia warned of oversupply. Saudi Arabia oil minister, Khalid A. Al-Falih said that the supplies in the fourth-quarter are expected to be in surplus and that the OPEC and allies
If oil prices head above $100 a barrel, it could shave 0.2 percentage points from global economic growth next year — but this hinges crucially on the dollar, according to Bank of America Merrill Lynch.
Asia’s emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases in consumption.
India will overtake China to become the world’s largest oil demand growth centre by 2024, Wood Mackenzie, global energy consultancy said in a report.
India’s demand for oil is strong and the country is trying to figure out how to deal with Iran sanctions, said Philip Verleger, president at PKVerliger.
Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in US fuel inventories provided the market with some support.
The demand for diesel stayed flat while that for petrol crawled up barely 2% in May when fuel prices claimed record highs in the country.
Global oil demand could peak in the early 2020s if countries pull together to hit climate goals, or keep growing until 2050 in a conflict-ridden world, according to Norwegian oil and gas firm Equinor.
India’s oil consumption surged 4.5% in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared.