India’s demand for petroleum products such as petrol and diesel will grow by 7.73% in 2022, the fastest pace in the world, according to a report by the Organization of Petroleum Exporting Countries (OPEC).
Demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2021 to 5.14 million bpd in 2022, OPEC said.
The growth in demand is the fastest in the world ahead of 1.23% of China, 3.39% of the U.S. and 4.62% of Europe.
India is the world’s third largest oil-importing and consuming nation and trails only the U.S. and China.
This demand is supported by the healthy economic growth of 7.1%, continuing reopening of the economy amid easing COVID restrictions and easing of trade-related bottlenecks, supporting both mobility and industrial-sector activity.
OPEC said demand would see a dip in the third quarter on arrival of monsoon but would pick up the following quarter on the back of the festival and holiday season.