oil demand – The News Desk

After bumper years, oil demand growth in Indian market to taper in 2024

14Dec

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After bumper years, oil demand growth in Indian market to taper in 2024

By Rakesh Sharma Oil demand growth in the key Asian market of India is set to slow next year as the spurt in consumption that followed the pandemic fades, echoing a slowdown in China and presenting a fresh headwind for prices. Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev. The drop will return growth near the pace seen from 2011 to 2019, he said. The International Energy Agency, meanwhile, sees growth halving to 100,000 barrels a day, according to its November report. Oil prices have tumbled this quarter on persistent concerns that global supplies are outpacing demand. The drop comes despite plans for deeper output cu...

Oil Demand: Economic headwinds prompt IEA to cut 2024 oil demand growth forecast

LONDON: The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 in its monthly report on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency revised its demand growth forecast to 880,000 barrels per day (bpd) for next year, from its previous forecast of 1 million bpd growth. However, it bumped up its 2023 demand forecast to 2.3 million bpd from a previous forecast of 2.2 million.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function() { n.callMethod ? n.callMethod(...arguments) : n.queue...

Oil Rallies as Grain Markets Tighten, Dollar Falls on Fed Chair Comments

Last Updated: June 22, 2023, 05:08 ISTA cheaper greenback makes dollar-denominated oil more attractive for investors holding other currencies, raising demand. (Image: Reuters File)Brent futures rose $1.22, or 1.6%, to settle at $77.12 a barrel, while the U.SOil prices gained a dollar a barrel on Wednesday as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand.Brent futures rose $1.22, or 1.6%, to settle at $77.12 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures rose $1.34, or 1.9%, to settle at $72.53 a barrel. Both contracts hit two-week highs earlier in the session.Chicago Board of Trade corn futures rose 5.2% on Wednesday after a government report sh...