Oil Daily | India's Rising Oil Demand Spurs Supply Diversification Amid Global Market Uncertainty

【Global Oil Supply and Demand】

Gasoline and diesel sales in India saw notable increases in November, reflecting the country's growing energy demand and economic growth. As the world's third-largest oil importer, India remains highly reliant on foreign crude, motivating efforts to diversify supply sources, including untapped domestic reserves requiring Big Oil's assistance.

Crude oil prices gained traction with positive factory output data from China and instability in the Middle East. OPEC's upcoming meeting is expected to address whether to delay production cuts, balancing market support and maintaining market share amidst global supply and demand uncertainties.

【Oil-Producing Countries Dynamics】

Poland shut down a section of the Druzhba pipeline due to a leak, though crude deliveries weren't impacted. This incident highlights ongoing challenges for Central European countries in reducing dependency on Russian crude, with alternatives like Kazakh oil being explored for supply reliability.

【Latest Oil Policies】

India's petroleum minister urged oil producers, including OPEC, to collaborate on stabilizing crude prices, emphasizing the need for predictability for large consumers. This discussion was part of the ADIPEC energy conference, reflecting India's ongoing engagement in global oil policy dialogues to ensure price stability.

【Others】

India's natural gas demand is projected to grow significantly by 2040 and 2050, despite increased wind and solar capacity, indicating a strategic focus on diversifying energy sources alongside renewable energy expansion.