India is the world’s third largest oil importer and consumer, following China and the US. The International Energy Agency (IEA) projects that India’s oil demand will increase by 1.2 million barrels per day between 2023 and 2030, reaching 6.6 million barrels per day. During this period, India is expected to account for over one-third of total global oil demand growth. The main drivers of India’s oil demand growth will be naphtha and jet fuel, with diesel being the key driver in terms of volume.
A new report from broker Poten & Partners states that stable refined product exports and increasing crude oil imports will enhance India’s role in the tanker market. India utilizes a variety of vessel sizes in both crude oil and product tanker trades, and all segments are likely to benefit from the country’s growing oil demand. The report suggests that India’s growth in the oil industry will significantly impact the global tanker market.
Overall, India’s increasing oil demand is expected to have a significant impact on the global oil market and tanker industry in the coming years, with the country playing a key role in driving global oil demand growth.
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