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.

Next Story
Real Estate

IHCL Signs New Vivanta Hotel in Anjuna, Goa

Indian Hotels Company (IHCL), India’s largest hospitality company, has announced the signing of a new Vivanta hotel in Anjuna, Goa, strengthening its presence in one of the country’s top leisure destinations. The 110-key greenfield project is being developed in partnership with Fiesta Hotels Pvt Ltd, marking their second collaboration in the state. Strategically located in Anjuna, a coastal hub known for its vibrant beaches and bohemian charm, the hotel will feature an all-day diner, bar, swimming pool, gym, and modern conferencing facilities to cater to leisure and business traveller..

Next Story
Resources

91Springboard Bolsters Leadership Team with Four Appointments

91Springboard, one of India’s leading flexible workspace providers, has strengthened its leadership team with four strategic appointments aimed at accelerating business growth and enhancing member experience. The company has named Niroopa Padmanabhan as Chief Design Officer, Prashant Nair as Director – Sales, Bindu Nambiar as General Manager – Account Management & Alliances, and Tarun Dhawan as General Manager – Sales & Leasing. These appointments align with 91Springboard’s continued focus on customer-centricity, innovation, and expansion across India’s evolving flexib..

Next Story
Real Estate

SOBHA Launches First Luxury Project in Greater Noida

SOBHA, India’s leading real estate developer renowned for its construction quality, has launched its debut project in Greater Noida: SOBHA Aurum, a premium residential development in Sector 36. The project has received RERA approval (RERA No: UPRERAPRJ361748/06/2025) and is set to redefine luxury living in the region. Spread across 3.46 acre (14,001 sq m) with a development potential of 9.3 lakh sq ft, SOBHA Aurum comprises two architecturally distinctive towers, including the tallest residential tower in the vicinity at 45 floors, alongside a 35-storey tower. Together, they will offer ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?