As the economy progresses to recover from the havoc effectuated by the CoronaVirus pandemic, the oil demand in India is likely to raise 8.2% approximately to 5.15 million barrels per day in this year. The Organization of Petroleum Exporting Countries (OPEC) has shown the world’s 3rd biggest energy consumer in its recent monthly oil market report to add 0.39 million barrels per day of crude oil demand in 2022.
In the year 2020, oil demand in India was 4.51 million barrels per day, while it has raised to 4.76 million bpd in 2021. But, this was below pre-pandemic levels. When we observe the demand for oil before the pandemic attack, it was 4.98 million bpd in 2018, and it jumped to 4.99 million bpd in 2019.
According to the reports claimed by the OPEC, Oil demand is expected to recover with expected strong economic growth of 7.2% in 2022 and expected rapid containment of Omicron in these days. Since there is an increase in India’s average driving activity, mobility has progressed to enhance. The organisation also said that Gasoline and diesel are likely to be specially favoured by the expected rise in GDP and the existed recovering mobility and consequently driving activity.
However, fuel consumption in 2022-23 is expected to rise to 4.3 million bpd from 203.2 million tonnes expected sales in the present fiscal year by the end of March.