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India’s oil demand to grow 4% to 5.8 mbd in 2025: OPEC

May 16, 2024
Economy
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India’s oil demand is expected to grow to 5.80 million barrels per day in 2025, up 4.1% from the 5.57 million barrels per day projected in 2024. The cartel highlighted that the growing demand will be supported by increased consumption of gasoline and other petroleum products on the back of growing economic activity.

Healthy economic momentum in 2024 is expected to continue into 2025. Manufacturing and business activities are expected to be steady, supporting oil demand growth of 227,000 bpd on year, to average 5.80 mbd. Strong investment is expected to drive economic growth, together with an expansion in manufacturing activity with the government focusing on this sector to further support the economy amid an expected surge in construction.

In March, the country’s oil demand grew by 169,000 barrels per day from the same period last year but slightly down from growth of 207,000 bpd seen in February. India’s crude imports in April averaged 4.9 million barrels per day, recovering by 8% from the decline seen in the previous month. The country’s product imports fell 13% amid lower inflows of LPG.

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