India’s Oil Demand Growth Is Set for a Slowdown in 2024

Crude oil demand growth in India is projected to slow down next year as the post-pandemic rebound begins to lose momentum both in China and India. This is according to Rystad Energy, whose head of oil trading Mukesh Sahdev predicts India’s oil demand growth will fall to 150,000 bpd in 2024 from 290,000 bpd this year. This would bring the rate of demand growth closer to the rate observed in the period between 2011 and 2019, Bloomberg noted in a report. India is the world’s third-largest oil consumer and a growing one, along with China.…