Demand for oil products in India through the October-December quarter is expected to get a boost from festivals, agricultural activities, recovering from a few months of subdued consumption because of excessive rains, according to S&P Global Commodity Insights.
The Organization of the Petroleum Exporting Countries (OPEC) has slightly revised down global crude oil demand forecast for 2024, citing softer intake by China.
India's oil product demand during October increased month-on-month by 113,000 barrels per day, supported by an uptick in economic activities in the post-monsoon season and the Diwali festival, acoording to S&P Global Commodity Insights.