India#39;s oil demand likely to jump 8% in 2022

India#39;s oil demand likely to jump 8% in 2022

The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world's third-biggest energy consumer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022.







PTI









March 17, 2022 / 03:44 PM IST





Representative image (Source: Reuters)



India's oil demand is projected to jump 8.2 per cent to 5.15 million barrels per day in 2022 as the economy continues to rebound from the devastation caused by the pandemic.

The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world's third-biggest energy consumer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022.

India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth. But, this was below pre-pandemic levels. Oil demand in 2018 was 4.98 million bpd, which rose to 4.99 million bpd in the following year before the pandemic struck. But, this was below pre-pandemic levels.

"With expected strong economic growth of 7.2 per cent in 2022 and expected rapid containment of Omicron in the near future, oil demand is