• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours One Last Warning For The U.S. Shale Patch
  • 6 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 2 hours Chile Tests Floating Solar Farm
  • 13 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 13 hours Poll: Will Renewables Save the World?
  • 13 hours New Rebate For EVs in Canada
  • 4 hours Trump Tariffs On China Working
  • 16 hours The Political Debacle: Brexit delayed
  • 6 hours Trump sells out his base to please Wallstreet and Oil industry
  • 4 hours Biomass, Ethanol No Longer Green
  • 1 day Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 7 hours Read: OPEC THREATENED TO KILL US SHALE
  • 11 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
IEA Warns Of Looming Oil Market Deficit

IEA Warns Of Looming Oil Market Deficit

The IEA has said that…

Big Pivot In Energy Is Gaining Momentum

Big Pivot In Energy Is Gaining Momentum

The shift towards renewable energy…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

India Sees Lowest Fuel Demand Growth In 14 Years

India

India reached a 14-year low in fuel demand as the effects of a massive flooding event that unfolded over the past few weeks become clearer.

National oil demand fell by 6.1 percent as Indians in select areas tend to their homes to measure the water damage from stronger than usual monsoon rains.

India is the world’s fastest growing oil consumer. The Asian country used 15.75 million tons of fuels last month, about 1 million tons lower than figures from last year from the same month. Demand for diesel – which represents 40 percent of fuel demand for the country - fell 3.7 percent as well.

“Severe flooding in parts of the country may have impeded freight and manufacturing activities causing overall demand to contract,” Nevyn Nah from Energy Aspects said. “Also, demand growth was exceptionally strong in August last year resulting in a high base.” Last August’s figures showed 18 percent growth compared to the previous month.

This most recent hit to oil demand is the second time this year that Indians have reduced their craving for the world’s favorite fossil fuel. After the implementation of Prime Minister Narendra Modi’s demonetization strategy, demand dropped 5.9 percent.

Assam, West Bengal, Bihar, and Gujarat all suffered from severe rain over the past few weeks, causing demand for fuel for cars to drop. Flooded roads tend to lower the thirst for gasoline and transportation related fuels.

Related: Can Putin Bring Peace To The Korean Peninsula?

The International Energy Agency sees India as the fastest developing oil consumer through the year 2040. Still, in four of the eight complete months this year, demand has continuously fallen. Still India remains dependent on oil imports as 80 percent of national fuel demand is met via imports.

India is ready to buy oil from Russia, the United States, and any other trustable producer as the country’s middle class grows quickly and voraciously.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • jim on September 12 2017 said:
    Prime minister not president

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News