OPEC MONTHLY OIL MARKET REPORT (MOMR)

Sept. 13, 2019

According to OPEC’s monthly ‘World Oil Demand’ report for August 2019, India’s oil demand will rise at the fastest pace globally this year and the next.

Oil Market Report (August 2019): Key Highlights

World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than the previous projection. In 2020, world oil demand is projected to increase by 1.08 mb/d.
India’s oil demand will rise at the fastest pace globally this year and the next, even as its economic expansion has slowed down.
- India’s oil demand is projected to rise by 3.21% to 4.88 million barrels per day (mb/d) in 2019 from 4.73 mb/d in the previous year.
- In 2020, it will further rise by 3.36% to 5.05 mb/d.
This outpaces China’s oil demand growth of 2.73% in 2019 and 2.37% in 2020.
China, however, is the world’s second-biggest oil consumer at 13.06 mb/d in 2019, behind only the U.S. whose consumption is projected at 20.94 mb/d.
India’s economy grew at slower than expected 5% in April-June, compared with 8% in the same quarter of 2018, and 5.8% in January-March.