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Indian oil demand growth to top China's in 2024: S&P
Mint Chennai
|December 27, 2024
India is poised to close 2024 with a higher oil demand growth than China, underscoring its emergence as a key consumption hub in Asia, according to a report by S&P Global Commodity Insights.
In the first 10 months of 2024, India's oil demand climbed 180,000 barrels per day (bpd), a 3.2% year-on-year rise, compared to China's more modest growth of 148,000 bpd, or 0.9%.
"India is set to end the year with its oil demand growth rate surpassing China's, making it one of the fastest-growing consumption centres," the report noted, adding that this trend is likely to persist into 2025. The country's refiners are accelerating expansion plans and diversifying crude sources to capitalize on this momentum.
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