Crude oil demand has been growing in India despite consistently higher prices, proving the resilience of demand in the world's second-biggest importer of crude.
India ’s crude oil demand has been growing this year despite consistently higher prices, suggesting that it is more resilient to price rises than some expected. This is according to a Petroleum Economist report, citing data that showed an increase and analyst projections that suggest demand in the world’s second-biggest importer of oil is set for growth throughout the year. In order for demand to stop growing, prices would need to go much higher, the report suggested.
It added that imports of crude are set to grow further in the coming years, hitting 5.8 million barrels daily by 2030. Total demand for oil by that year was seen reaching 6.6 million barrels daily, an increase from 5.5 million barrels daily last year. 'India will become the largest source of global oil demand growth between now and 2030, while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook,' the IEA said.
Demand Oil Prices Imports Importer India Demand
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