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

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..