India’s oil demand will rise at the fastest pace globally this year and the next, oil producers cartel OPEC said in its monthly ‘World Oil Demand’ report for August 2019.
OPEC said India's oil demand is projected to rise by 3.21% to 4.88 million barrels per day (mb/d) in 2019 from 4.73 mb/d in the previous year. In 2020, it will further rise by 3.36% to 5.05 mb/d.
This outpaces China's oil demand growth of 2.73% in 2019 and 2.37% in 2020. China, however, is the world's second-biggest oil consumer at 13.06 mb/d in 2019, behind only the US whose consumption is projected at 20.94 mb/d.
World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than the previous projection, OPEC said.
OPEC, which counts India as one of its biggest consumers, said the country has experienced significantly lower-than-expected growth rates for first half of 2019 amid ongoing structural challenges.
"While some pick-up in 2H19 is expected, growth rates are forecast to be lower than in past years at 6.1 per cent for 2019 and 6.7 per cent for 2020," it said.