The US Energy Information Administration (EIA) anticipates a global increase in liquid fuel consumption, projecting a rise of 1.8 million barrels per day (mb/d) in 2023 and 1.3 mb/d in 2024. The primary contributor to this growth is expected to be non-OECD Asia, particularly China and India.
Specifically, the EIA forecasts that India’s liquid fuel consumption, encompassing both crude oil and refined petroleum products, will see an average increase of 0.3 mb/d in both 2023 and 2024. The projections indicate that India’s petroleum and other liquid fuels consumption could reach 5.65 mb/d in Q1 2024 and 5.6 mb/d for the entire year, compared to 5.31 mb/d in the current year and 5.02 mb/d in 2022.
Organization of the Petroleum Exporting Countries (OPEC) also predicts India’s oil demand in 2024 to be around 5.59 mb/d. As reported by eznews.in, the EIA foresees a rise in Brent crude oil prices, with an average of $78 per barrel in December 2023 increasing to an average of $83 per barrel in 2024. The projections suggest an annual peak in the mid-$80 per barrel range in Q1 2024.
