India's oil imports dip in June
OIL & GAS

India's oil imports dip in June

India's crude oil imports experienced a decline in June 2024, averaging 4.5 million barrels per day (mb/d), following strong levels in the previous two months.

This dip in imports aligns with global trends as the Organization of the Petroleum Exporting Countries (OPEC) revised the world oil demand growth forecast downward by 135 thousand barrels per day (tb/d) for 2024, now standing at 2.1 million barrels per day (mb/d).

The revision reflects actual data from the first and second quarters of 2024, along with softer demand expectations from China.

OPEC's report also highlights that India's economic growth forecast remains unchanged at 6.6% for 2024 and 6.3% for 2025.

However, the global oil demand outlook has been moderated due to China's slower-than-expected economic performance. In addition, India's product imports dropped by 8% month-on-month in June, primarily due to lower liquefied petroleum gas (LPG) inflows.

The broader global market saw a mixed reaction with the OPEC Reference Basket (ORB) rising by 1.5% month-on-month to average $84.43 per barrel in July 2024. Despite the fluctuations in global oil prices, India's import patterns appear to be in line with seasonal trends and broader economic indicators.

The report suggests that non-OECD countries, including India, will drive the majority of the oil demand growth, contributing around 1.9 mb/d in 2024. However, the outlook remains cautious, given the geopolitical uncertainties and economic variables influencing global oil markets.

India's crude oil imports experienced a decline in June 2024, averaging 4.5 million barrels per day (mb/d), following strong levels in the previous two months. This dip in imports aligns with global trends as the Organization of the Petroleum Exporting Countries (OPEC) revised the world oil demand growth forecast downward by 135 thousand barrels per day (tb/d) for 2024, now standing at 2.1 million barrels per day (mb/d). The revision reflects actual data from the first and second quarters of 2024, along with softer demand expectations from China. OPEC's report also highlights that India's economic growth forecast remains unchanged at 6.6% for 2024 and 6.3% for 2025. However, the global oil demand outlook has been moderated due to China's slower-than-expected economic performance. In addition, India's product imports dropped by 8% month-on-month in June, primarily due to lower liquefied petroleum gas (LPG) inflows. The broader global market saw a mixed reaction with the OPEC Reference Basket (ORB) rising by 1.5% month-on-month to average $84.43 per barrel in July 2024. Despite the fluctuations in global oil prices, India's import patterns appear to be in line with seasonal trends and broader economic indicators. The report suggests that non-OECD countries, including India, will drive the majority of the oil demand growth, contributing around 1.9 mb/d in 2024. However, the outlook remains cautious, given the geopolitical uncertainties and economic variables influencing global oil markets.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement