OPEC Posted Jump in India’s Oil Demand

SEATTLE (Oil Monster): According to the Organization of the Petroleum Exporting Countries' (OPEC) monthly oil market report, India's oil demand increased by 419,000 barrels per day in November of last year, representing a 7.9% year-over-year growth. Increased use of gasoline, diesel, and liquefied petroleum gas (LPG) was the primary driver of the demand increase.

The demand for diesel in the nation increased by 8.9% to 2.05 million barrels per day (mb/d), according to an OPEC study. While LPG usage increased 7.3% year over year to 1.04 mb/d, the demand for gasoline increased 10% to 0.98 mb/d.

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In November, the nation's crude oil imports remained steady at 4.7 mb/d, a slight increase of 3% from the year before. With 38% of all imports coming from Russia, the country remained the biggest provider. Saudi Arabia and Iraq were the other main importers. Meanwhile, exports of oil products came to 1.4 million barrels per day, mostly due to high outflows of naphtha and gasoline.

According to OPEC, India will play a significant role in the anticipated 1.4 mb/d increase in the world's oil demand this year. Due to expected economic growth and infrastructural construction, the nation's energy needs are expected to significantly increase in the years to come.