The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.
India is ending 2024 with its oil demand growth rate surpassing neighbouring China's, a trend expected to spill over to the next year, according to S&P Global Commodity Insights. India has become one of the fastest-growing fuel consumption centres.
Overall, India's oil demand is expected to grow by 258,000 barrels per day in 2023, revised higher by 9,000 bpd from the last update citing strong diesel sales.