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
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