India's oil imports dip in June

13 Aug 2024 CW Team

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.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..