India's oil demand to grow by 6.6% in 2024

13 Aug 2024 CW Team

Globally, the report revises the world oil demand growth forecast for 2024 downward by 135,000 barrels per day (b/d), bringing it to 2.1 mb/d. This adjustment is primarily due to lower-than-expected demand growth in China and data from the first half of 2024. However, India's demand, driven by a projected economic growth rate of 6.6%, shows resilience amidst these global revisions.

India's demand is bolstered by steady economic activity, particularly in the transportation and manufacturing sectors. In contrast, OECD countries are anticipated to experience modest demand growth of around 0.2 mb/d in 2024. India's role in the global oil market remains significant, as it continues to be one of the primary drivers of non-OECD demand growth alongside China and the Middle East.

Looking ahead to 2025, India's oil demand is forecasted to rise by 6.3%, maintaining its upward trajectory. This consistent growth is linked to India's expanding industrial base and population, which are key factors in the country's increasing energy consumption.

India's crude oil imports in June 2024 averaged 4.5 mb/d, a slight decrease from the strong levels observed in previous months, reflecting seasonal trends. Additionally, product imports declined by 8%, mainly due to reduced inflows of LPG. Nevertheless, India's overall oil demand remains stable, with the country's refineries operating at high utilization rates to meet domestic and export needs.

In the global context, the report highlights a mixed economic performance among major economies. While the global oil demand forecast has been revised slightly downward, the US economy's growth has been revised upward to 2.4% for 2024, contrasting with a slight downgrade in Japan's economic growth to 0.2%. The Eurozone's growth forecast remains unchanged at 0.7% for 2024.

India's oil demand is expected to grow by 6.6% in 2024, according to the latest OPEC Monthly Oil Market Report. This growth positions India as a key contributor to the overall non-OECD oil demand, which is projected to increase by approximately 1.9 million barrels per day (mb/d) in 2024. Despite a slight downward revision in global oil demand growth forecasts, India's demand outlook remains unchanged. Globally, the report revises the world oil demand growth forecast for 2024 downward by 135,000 barrels per day (b/d), bringing it to 2.1 mb/d. This adjustment is primarily due to lower-than-expected demand growth in China and data from the first half of 2024. However, India's demand, driven by a projected economic growth rate of 6.6%, shows resilience amidst these global revisions. India's demand is bolstered by steady economic activity, particularly in the transportation and manufacturing sectors. In contrast, OECD countries are anticipated to experience modest demand growth of around 0.2 mb/d in 2024. India's role in the global oil market remains significant, as it continues to be one of the primary drivers of non-OECD demand growth alongside China and the Middle East. Looking ahead to 2025, India's oil demand is forecasted to rise by 6.3%, maintaining its upward trajectory. This consistent growth is linked to India's expanding industrial base and population, which are key factors in the country's increasing energy consumption. India's crude oil imports in June 2024 averaged 4.5 mb/d, a slight decrease from the strong levels observed in previous months, reflecting seasonal trends. Additionally, product imports declined by 8%, mainly due to reduced inflows of LPG. Nevertheless, India's overall oil demand remains stable, with the country's refineries operating at high utilization rates to meet domestic and export needs. In the global context, the report highlights a mixed economic performance among major economies. While the global oil demand forecast has been revised slightly downward, the US economy's growth has been revised upward to 2.4% for 2024, contrasting with a slight downgrade in Japan's economic growth to 0.2%. The Eurozone's growth forecast remains unchanged at 0.7% for 2024.

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Infrastructure Energy

04 May 2026

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

Infrastructure Urban

04 May 2026

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..