Indian demand resistant to triple-digit oil
World’s third-largest consumer should see sturdy growth in oil consumption during 2024 even if prices rise
India is expected to register steady growth in crude oil consumption during 2024 given its ability to shrug off relatively high prices. Analysts and officials believe prices would need to rise significantly and for a sustained period of time to start really hurting demand. The data so far this year backs up this assertation: there has already been solid growth in demand for crude oil and finished products during the first four months of the year despite prices being well above $80/bl. There seems little to fear in terms of demand destruction. From January to April, India’s appetite for oil has barely been quelled. Consumption increased by 4.8% during that time compared with the same period
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
