With the economy recovering from the damage caused by the pandemic, India’s crude oil demand is projected to grow by 8.2 per cent to 5.15 million barrels per day in 2022. Organization of Petroleum Exporting Countries – OPEC in its latest monthly oil market report has estimated that the demand for crude oil in India will increase by 3.9 lakh barrels per day in 2022. India is the third largest consumer of energy in the world.
India’s crude oil demand grew by 5.61 per cent from 45.1 lakh barrels per day in 2020 to 47.6 lakh barrels per day in 2021. However, this demand is still lower than the level before the pandemic. The demand for oil was 49.8 lakh barrels per day in 2018, which increased to 49.9 lakh barrels per day in 2019.
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The OPEC report said that with strong economic growth of 7.2 percent in 2022 and hopes of overcoming the epidemic, the demand for crude will improve. According to the report, the demand for crude oil has increased this year with increased movement in India. It further said that in line with the forecast of a strong economy in 2022, the demand for diesel, LPG and naphtha from the industrial sector will increase. OPEC said recovery in aircraft fuel demand is likely to be slow in 2022.