• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 5 hours Governments that wasted massive windfalls
  • 14 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 2 hours Let’s take a Historical walk around the Rig
  • 16 hours Trump has changed into a World Leader
  • 5 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 4 hours Here is Why People Lose Money Trading Natural Gas
  • 1 day Beijing Must Face Reality That Taiwan is Independent
  • 2 days Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 hours US Shale: Technology
  • 7 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 13 hours Trump capitulated
  • 2 days Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)

Breaking News:

Brazil Decides Against Joining OPEC

Hydrogen Costs Could Be Set To Plunge By 50%

Hydrogen Costs Could Be Set To Plunge By 50%

Hydrogen, while still expensive today,…

The End Of A Dark Decade For Energy Commodities

The End Of A Dark Decade For Energy Commodities

Commodities have suffered through a…

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
Download on the App Store Get it on Google Play