DIESEL DEMAND GROWTH
Oil dips on oversupply concerns, heads for weekly loss
Brent crude futures were down 30 cents, or 0.41 Percent , at $72.26 a barrel by 0105 GMT. U.S. West Texas Intermediate crude futures were down 25 cents, or 0.36 Percent , at $68.45.
Oil slips as US storm threat eases, China stimulus disappoints
Oil prices dropped due to easing supply concerns and a disappointing stimulus plan from China. Investors had hoped for increased fuel demand from China. The stimulus package fell short of expectations, impacting oil consumption. U.S. storm concerns eased, further contributing to the price drop. Despite this, U.S. refiners continue to operate at high capacity.
Hybrids, CNG cars lead but EVs bet on new models
Sales of hybrid and CNG vehicles in India are surging, outpacing the growth of pure electric vehicles. While new electric models are anticipated, challenges like charging infrastructure, insurance costs, and uncertainty about resale value are hindering faster EV adoption. Industry experts believe addressing these ownership concerns is crucial for the success of electric vehicles in the Indian market.
Diesel market flashes warning sign in India as growth slows
India's diesel demand experienced stagnation in October, marking a potential shift in the nation's fuel consumption patterns. This slowdown, attributed to factors like a cooling economy and evolving consumer preferences, raises concerns for the global oil market.
Growth may have slipped in rainy Q2 but forecast for fiscal is sunny
India's economic growth slowed to 6.8% in July-September due to reduced consumption and investment amid heavy monsoon rains. Factors like lower diesel and electricity usage, slower vehicle sales, a global slowdown, and geopolitical tensions affected growth. Economists expect overall annual growth to remain robust at around 7%.
Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
Global crude oil prices fell sharply as Israel's retaliatory strike targeted Iranian military sites instead of energy infrastructure. Despite brief spikes in oil prices due to regional tensions, ample supply and weak demand, particularly from China, continue to drive prices lower. Experts expect oil prices to keep declining.
OPEC trims 2024 oil demand growth forecast to 1.93 million bpd
OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision.
Oil use falls for second straight month in September
India, the world's third-largest oil consumer, saw oil consumption decline for the second month in September, influenced by a surprising drop in diesel demand. This trend adds pressure to global crude prices already impacted by weak Chinese demand. Vehicle sales also saw significant declines, contributing to reduced fuel consumption.
Petrol sales rises 2.8% in September, diesel drops 2%
Petrol sales in India saw a 2.8% increase in September year-on-year, while diesel fell by 2%, indicating an oil demand slowdown. LPG sales rose by 1%. The growth rates for these fuels in September were lower than the April-August averages. Jet fuel sales jumped 9.5% driven by strong air traffic.
Headroom to cut petrol, diesel prices by Rs 2-3 per litre: Icra
Recent declines in crude oil prices have improved margins for state-owned fuel companies, allowing potential cuts in petrol and diesel prices by Rs 2-3 per litre. The price of imported crude oil averaged $74 per barrel in September, down from $83-84 in March. This could lead to reduced retail fuel prices if crude prices remain stable.
Oil demand growth falls 45% till August
India's oil demand growth has nearly halved this financial year, with diesel sales stagnating. Diesel sales, which make up 38% of refined product consumption, have risen just 1%. High rainfall and lower power consumption contributed to the decline. Domestic production and exports of petroleum products have also slowed.
Petrol, diesel prices may be cut if crude rates stay low for longer: Petroleum Secretary
Petrol Diesel Price Cut: Indians may see relief in petrol and diesel prices if global oil prices remain low. State-run fuel companies may consider reducing prices if the global crude rates stay lower for extended period, Oil Secretary Pankaj Jain said. India is also seeking increased output from OPEC+ and maximizing crude purchases from cost-effective suppliers like Russia.
OPEC again lowers 2024, 2025 global oil demand growth view
OPEC has reduced its forecast for global oil demand growth in 2024, now expecting a rise of 2.03 million barrels per day, down from 2.11 million bpd predicted last month. The group also lowered its 2025 estimate to 1.74 million bpd. Factors include China's economic conditions and the transition to cleaner fuels.
Diesel dilemma: Demand drop in India and China puts pressure on crude oil prices
Chinese and Indian diesel markets are showing signs of a slowdown, potentially leading to weaker crude oil prices. In China, diesel demand is contracting, while in India, consumption growth has slowed significantly. This trend is impacting refiners' profits and contributing to concerns about a global oil glut.
Our focus remains to increase PNG penetration: Ashu Shinghal, Mahanagar Gas
?So, those states will be benefited, but there will be some segments where the total input tax credit is not available, so there maybe the tax rate will be very critical to see at what rate GST will be applied on the gas.
India's June fuel demand edges up 2.6%
?Total consumption totalled 19.99 million metric tons in June, up from 19.48 million tons last year, data showed.?? Demand was down 3.5% on a monthly basis from the 20.72 million metric tons consumed in May. Sales of diesel, mainly used by trucks and commercially run passenger vehicles, fell 5% month-on-month to 7.98 million tons in June.
India to lead world in fuel demand growth: IEA
India, the third-largest oil importer globally, is set to drive oil demand growth according to the IEA. Forecasts predict a significant rise in consumption by 1.3 million barrels between 2023 and 2030, with India's demand exceeding China's. The nation's expanding economy and growing population are key factors in this surge. With a focus on road transport fuels and limited petrochemical growth, India's refining capacity is also expected to increase to meet rising demands, making the country heavily reliant on oil imports.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
IEA lowers global oil-demand growth forecast for 2024
IEA forecasts slower global oil demand growth in 2024 due to mild winter and declining diesel car fleet in developed economies. China to lead demand gains in 2024 and 2025. Structural headwinds like rising vehicle efficiencies also impact demand.
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