Kemp: India Petroleum consumption
Kemp: India Petroleum consumption
INDIA consumed 18.3 million tonnes of petroleum in August 2024 down slightly from 18.9 million tonnes in the same month a year earlier. Total consumption in the first eight months was 160 million tonnes up from 154 million tonnes in the same period in 2023. But consumption growth has been decelerating for almost two years, and the year-on-year decline in August was the sharpest since June 2021:
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The attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India.
In July, India even topped China to become the biggest buyer of Russian crude oil, as Chinese refiners lowered purchases amid falling refining margins and tepid fuel demand.
A record 44% of India’s total imports in July came from Russia, according to data from industry and trade sources compiled by Reuters.
India expects to boost its refining capacity by around one-fifth to have 6.19 million bpd of crude processing capacity by 2028, according to its junior petroleum minister.
The attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India.
In July, India even topped China to become the biggest buyer of Russian crude oil, as Chinese refiners lowered purchases amid falling refining margins and tepid fuel demand.
A record 44% of India’s total imports in July came from Russia, according to data from industry and trade sources compiled by Reuters.
India expects to boost its refining capacity by around one-fifth to have 6.19 million bpd of crude processing capacity by 2028, according to its junior petroleum minister.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group