Page 6 - Oil Demand

Brent crude falls 3% on demand concerns, strong USD as Fed decision looms

Crude has dropped substantially after a surge close to its all-time highs in March after Russia's Ukraine invasion added to supply concerns, pressured by the prospects of recession and weaker demand

Oil prices creep higher on robust global demand, rate hike outlook

Oil prices inched higher in early trade on Wednesday as OPEC stuck to forecasts for robust global fuel demand growth, offsetting concerns of another U.S. Federal Reserve interest rate hike next week

China oil demand may shrink first time since 2002 as Covid curbs bite

China's demand for gasoline, diesel and jet fuel could fall by 380,000 barrels per day (bpd) to 8.09 million bpd in 2022, which would be the first contraction since 2002

Oil supported by supply threats, but likely to drop on demand fears

Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a 2nd weekly decline as aggressive interest rate hikes and China's Covid curbs weighed on demand outlook

Oil prices dip on rate-hike, demand fears; benchmarks down by 4% this week

Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks' aggressive rate hikes

Oil slumps below $85 for first time since January on demand fear

US benchmark West Texas Intermediate sank below $85 while the global Brent benchmark fell below $90

Oil falls to 7-month low on renewed demand fears, rate hike expectations

Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of interest rate hikes spurred worries

Oil prices fall on renewed demand concerns, interest rate hike expectations

Oil prices fell on Wednesday as COVID-19 curbs in top crude importer China and expectations of further interest rate hikes fanned concerns of a global economic recession and lower fuel demand growth

Opec+ to cut crude oil output by 100k barrels per day from October

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

Centre aims to boost refining capacity as fuel demand continues to rise

The oil ministry has been asked by the government to prepare a report on the country's future fuel demand and refining capacity needs

Oil prices edge up on signs of improving fuel demand, await Fed outlook

Oil prices rose as much as $1 on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve chairman

Oil prices edge up on signs of improving demand, market awaits Fed's clue

"Nevertheless, signs of strong demand are emerging," ANZ Research analysts said

India's oil demand to rise by 7.7% in 2022, fastest growing in world: OPEC

India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2023, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe. For 2023, the Organisation of Petroleum Exporting Countries (OPEC) projected a growth of 4.67 per cent in India's demand to 5.38 per cent. This, however, will be lower than 4.86 per cent growth in China. India is the world's third largest oil importing and consuming nation behind the US and China. The demand for petroleum products in India is supported by the healthy economic growth of 7.1 per cent, continuing economic reopening amid ease of COVID restrictions and easing of trade-related bottlenecks supporting both mobility and industria

Oil prices head for biggest weekly climb since April on supply halts

The International Energy Agency boosted its forecast for global demand growth as soaring natural gas prices and heat waves spur demand

Oil steady as International Energy Agency hikes 2022 demand growth forecast

Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84.

Oil prices fall in early trade on demand worries, stronger US dollar

Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth

Oil prices fall as weak factory data fuels global demand concerns

Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn

How China became ground zero for auto chip shortage over past 2 years

The global chip shortage over the past two years has been caused by pandemic supply chaos combined with booming demand

Oil prices rise, Brent crosses $100 a barrel ahead of possible US rate hike

Brent crude futures for September climbed 68 cents, or 0.7%, to $100.25 a barrel by 0400 GMT after settling below $100 for the second straight session on Wednesday

India's June fuel consumption rises by 17.9% YoY at 18.67 mn tonnes: Govt

Consumption of fuel, a proxy for oil demand, totalled 18.67 million tonnes, data from the Indian oil ministry's Petroleum Planning and Analysis Cell showed.