Oil Demand

BP projects India's oil demand to grow 80% by 2050 even as renewables surge; coal to retain over 40% share in the energy mix under current trajectory

BP's annual energy outlook revises oil demand peak to 2030 at 103 mn bpd, citing India and emerging Asia as drivers even as renewables gain share in global energy mix

China and India - the region's leading crude importers - are key drivers of demand growth, as producers and traders navigate the impact of economic shifts, plus the spread of renewable energy

Like the EV surge in Gulf oil nations, it signals a rapid global shift to electric mobility, making OPEC's forecast of a 50% rise in developing nations' oil use by 2050 seem unrealistic

We have allowed these vulnerabilities to grow over the decades because of inaction

Major oil producers are pointing to signs of better economic growth in the second half of the year while data from China showed consistent growth

An official said main problem for India's petroleum sector, considering its lucrative geology less than that of countries in Africa and South America, was frequent changes in tax & incentive policies

The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year

Crude oil markets are pricing in a fair amount of uncertainty at the current levels, Das said. That's why oil had dropped below $60 for a time-before the West Asia tensions pushed it back up

Oil prices: A meaningful upside in oil prices seems limited as the recent rally has been driven more by geopolitical risks than by fundamental demand

China drove global oil demand growth over the last decade, but now India is poised to take the lead in demand growth over the next decade, according to a latest report by Moody's Ratings. China and India are No. 2 and No.3 oil consumers in the world. But there are notable differences in demand growth in the two countries. "Demand growth and import reliance will be higher in India," Moody's said. "Demand will grow faster in India than in China over the next decade, as China's economic growth slows and penetration of new energy vehicles accelerates." Consumption of crude oil - the raw material for making fuels like petrol and diesel - in China will peak in the next 3-5 years, while in India Moody's expect annual growth of 3-5 per cent in the same period. Stating that both countries rely heavily on oil and gas imports, the rating agency said it expects China's reliance on oil imports to fall, reflecting slower demand growth and increased domestic production. "India's reliance on impo

But Chinese production growth set to outpace India's due to investments in offshore and shale gas while Indian firms struggle with ageing wells and slower capital flows

India's oil demand is expected to grow at the fastest pace among major economies and double the rate of rise in China in 2025 and 2026, oil cartel OPEC said in its latest global outlook. India's oil demand is projected to rise from 5.55 million barrels a day in 2024 to 5.74 million bpd in 2025, up 3.39 per cent, helped by rising energy needs in the world's fastest growing economy. This is projected to further rise to 5.99 million bpd in 2026, growing at 4.28 per cent. The demand growth is higher than 1.5 per cent expansion projected in China's oil demand in 2025 and 1.25 per cent in 2026. But in absolute terms, the US will continue to be the biggest oil consumer with a demand of 20.5 million bpd in 2025, followed by China (16.90 million bpd in 2025 and 17.12 million bpd in 2026). India is the third largest consumer. The US is likely to see 0.09 per cent growth in 2025 and 0.6 per cent in 2026. Despite slower growth, OPEC expects global oil demand to rise by 1.3 million bpd in bot

The IEA lifted its average demand growth forecast for 2025 as a whole to 740,000 bpd, up by 20,000 bpd from the previous report

Expectations of higher supply and lower demand were already visible in the price movements for crude oil over the past weeks

Global oil demand expected to rise by 730,000 b/d in 2025, down from 940,000 b/d last year

Most of the cargoes were booked at a discount of less than $3 a barrel to benchmarks, the people said

Oil is trading near $71 a barrel in London after sinking to the lowest since 2021 last week, following Opec+'s decision to gradually restart halted production from April

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026

Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said