As India’s Oil Demand Grows, It’s Now Looking Beyond OPEC+ For Reliable Supply – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

In , I highlighted the role that India will play in global demand in the coming years as its economy grows and oil consumption increases. In 2019, India was the third-largest consumer of oil and petroleum products, after the United States and China. India has almost no domestic oil resources, so all of its demand must be satisfied by imported oil. Forecasters disagree on how much India’s oil consumption will grow in the coming years, but the IEA predicts that it will accelerate from 4.9 million bpd in 2019 to 6 million bpd in 2024. Traders can better understand the likely future sources of India’s oil supply by first understanding the current oil situation. Moreover, India’s supply choices today and in the future impact oil market fundamentals as well as oil politics in OPEC, OPEC+ and beyond.Reliance On OPEC+ Presents Strategic And Pricing Risks In 2019, according to the EIA, 59% of India’s oil imports came from the Middle East.

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