New Delhi: Of India oil demand It is projected to increase by 8.2 percent to 5.15 million barrels per day in 2022 as the economy recovers from the devastation caused by the pandemic.
The Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world’s third-largest energy consumer to add 0.39 million barrels per day (bpd) to crude oil demand in 2022.
India’s oil demand increased from 4.51 million barrels per day in 2020 to 4.76 million barrels per day in 2021, registering a growth of 5.61 percent.
But, it was below pre-pandemic levels. Oil demand stood at 4.98 million bpd in 2018, rising to 4.99 million bpd the following year before the pandemic struck.
“With strong economic growth of 7.2 per cent in 2022 and Omicron’s expectation of rapid containment in the near future, oil demand is expected to improve,” the OPEC report said.
Mobility continues to improve, as average driving activity in India has increased. Oil demand has picked up this year as states ease COVID-19 restrictions in line with a decline in new infections.
“Gasoline (petrol) and diesel in particular are likely to favor expected growth in GDP and already recovering mobility and consequent driving activity,” it said.
Similarly, in line with the forecast of a strong economy in 2022, the industrial sector will provide support for diesel, LPG and naphtha requirements.
Jet kerosene demand recovery is expected to be slow in 2022 due to travel challenges, especially trade-related challenges. “Still, India is projected to grow by 0.4 million bpd year-on-year in 2022.”
OPEC’s forecast is in line with government estimates of fuel demand growth. According to the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, India’s fuel demand is likely to grow by 5.5 per cent in the fiscal year beginning April 1.
Fuel consumption in 2022-23 is projected to increase to 214.5 million tonnes (4.3 million bpd) from estimated sales of 203.2 million tonnes in the current fiscal year ending March 2022.
OPEC’s projections are for crude oil demand, while PPAC’s forecast is for fuel. Crude oil is converted into fuels like petrol and diesel in refineries and not all petroleum products produced in the country are consumed.
A significant amount of petroleum products are also exported, resulting in gaps in crude oil and fuel demand estimates.
“India’s crude oil imports averaged 4.5 million bpd in January, nearly three per cent lower than the strong level seen a month ago. February’s data is expected to show higher crude imports, as the economy picks up, Demand has picked up, and refiners have extended runs.” The OPEC report said.
Imports account for 85 percent of India’s oil needs.
“In terms of crude oil imports by source, the latest December data shows Iraq continues to top the list with a share of 27 per cent.
“Saudi Arabia was second with about 17 percent, followed by the United Arab Emirates with 13 percent, the latter seeing a jump in volume. The US also saw a strong growth, reaching fourth with nine percent. Went.” ,
According to PPAC, India’s fuel demand will exceed pre-pandemic sales in the current fiscal. In 2019-20, India consumed 214.1 million tonnes of petroleum products such as petrol, diesel and LPG.
The demand for petroleum products grew by 4.2 per cent in the first 10 months of the current financial year beginning April 2021. Fuel consumption from April 2021 to January 2022 was 165.7 million tonnes.
India consumed 194.3 million tonnes of petroleum produced in 2020-21, the year the pandemic-related lockdown crippled the economy and mobility, and 214.1 million tonnes in 2019-20.
The Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world’s third-largest energy consumer to add 0.39 million barrels per day (bpd) to crude oil demand in 2022.
India’s oil demand increased from 4.51 million barrels per day in 2020 to 4.76 million barrels per day in 2021, registering a growth of 5.61 percent.
But, it was below pre-pandemic levels. Oil demand stood at 4.98 million bpd in 2018, rising to 4.99 million bpd the following year before the pandemic struck.
“With strong economic growth of 7.2 per cent in 2022 and Omicron’s expectation of rapid containment in the near future, oil demand is expected to improve,” the OPEC report said.
Mobility continues to improve, as average driving activity in India has increased. Oil demand has picked up this year as states ease COVID-19 restrictions in line with a decline in new infections.
“Gasoline (petrol) and diesel in particular are likely to favor expected growth in GDP and already recovering mobility and consequent driving activity,” it said.
Similarly, in line with the forecast of a strong economy in 2022, the industrial sector will provide support for diesel, LPG and naphtha requirements.
Jet kerosene demand recovery is expected to be slow in 2022 due to travel challenges, especially trade-related challenges. “Still, India is projected to grow by 0.4 million bpd year-on-year in 2022.”
OPEC’s forecast is in line with government estimates of fuel demand growth. According to the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, India’s fuel demand is likely to grow by 5.5 per cent in the fiscal year beginning April 1.
Fuel consumption in 2022-23 is projected to increase to 214.5 million tonnes (4.3 million bpd) from estimated sales of 203.2 million tonnes in the current fiscal year ending March 2022.
OPEC’s projections are for crude oil demand, while PPAC’s forecast is for fuel. Crude oil is converted into fuels like petrol and diesel in refineries and not all petroleum products produced in the country are consumed.
A significant amount of petroleum products are also exported, resulting in gaps in crude oil and fuel demand estimates.
“India’s crude oil imports averaged 4.5 million bpd in January, nearly three per cent lower than the strong level seen a month ago. February’s data is expected to show higher crude imports, as the economy picks up, Demand has picked up, and refiners have extended runs.” The OPEC report said.
Imports account for 85 percent of India’s oil needs.
“In terms of crude oil imports by source, the latest December data shows Iraq continues to top the list with a share of 27 per cent.
“Saudi Arabia was second with about 17 percent, followed by the United Arab Emirates with 13 percent, the latter seeing a jump in volume. The US also saw a strong growth, reaching fourth with nine percent. Went.” ,
According to PPAC, India’s fuel demand will exceed pre-pandemic sales in the current fiscal. In 2019-20, India consumed 214.1 million tonnes of petroleum products such as petrol, diesel and LPG.
The demand for petroleum products grew by 4.2 per cent in the first 10 months of the current financial year beginning April 2021. Fuel consumption from April 2021 to January 2022 was 165.7 million tonnes.
India consumed 194.3 million tonnes of petroleum produced in 2020-21, the year the pandemic-related lockdown crippled the economy and mobility, and 214.1 million tonnes in 2019-20.