India to lead global oil demand growth in 2024, surpassing China: IEA

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India to lead global oil demand growth in 2024, surpassing China: IEA - Business Standard

Quick Summary:

India’s oil consumption saw a sharp month-on-month (M-o-M) decline of 300 kb/d in August, in line with seasonal patterns and exacerbated by heavy monsoon rains, which were 5 per cent above average according to the India Meteorological Department.

Deliveries in June saw a contraction of 60,000 barrels per day (kb/d), capping first-half 2024 gains at 800,000 barrels per day (bpd), a significant decline in growth momentum.

Additionally, oil secretary Pankaj Jain said today that India wants the Organization of the Petroleum Exporting Countries (Opec) and its allies, including Russia, to raise their oil output due to rising fuel demand in the country, according to a report by Reuters.