OPEC raises long-term oil demand view, calls for investment
2 years, 2 months ago

OPEC raises long-term oil demand view, calls for investment

The Hindu  

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. “However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern.” OPEC made a shift in 2020 when the pandemic hit demand, saying it would eventually slow after years of predicting ever-increasing consumption. The report said world oil demand will reach 103 million barrels per day in 2023, up 2.7 million bpd from 2022. By 2030, OPEC sees world demand averaging 108.3 million bpd, up from 2021, and lifted its 2045 figure to 109.8 million bpd from 108.2 million bpd in 2021.

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History of this topic

Oil rises from two-month highs on optimism ove
6 days, 21 hours ago

Oil rises from two-month highs on optimism ove

Live Mint  

By Florence Tan SINGAPORE - Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as …

Brent crude outlook bearish on oversupply, grim oil demand; 2025 average pegged at $74 after hitting $80 in 2024
1 week, 1 day ago

Brent crude outlook bearish on oversupply, grim oil demand; 2025 average pegged at $74 after hitting $80 in 2024

Live Mint  

Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market. Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision. Most …

India’s oil demand growth to top China’s in 2024, trend to continue next year: S&P
2 weeks ago

India’s oil demand growth to top China’s in 2024, trend to continue next year: S&P

Live Mint  

India is poised to close 2024 with a higher oil demand growth rate than China, underscoring its emergence as a key consumption hub in Asia, according to a report by S&P Global Commodity Insights. "India is set to end the year with its oil demand growth rate surpassing China's, making it one of the fastest-growing consumption centres," the report noted, …

China’s EV boom is starting to pinch oil producers
2 weeks, 3 days ago

China’s EV boom is starting to pinch oil producers

Live Mint  

The country has long been the thirstiest consumer of crude. While China’s overall oil demand still appears stable, its composition is shifting gears rapidly. Gasoline and diesel demand seems to have peaked: China’s total demand for these transportation fuels in 2024 will be 3.6% lower than in 2021, according to IEA estimates. Diesel and gasoline accounted for 44% of China’s …

2024 turning point for country's refined oil market
3 weeks, 2 days ago

2024 turning point for country's refined oil market

China Daily  

A drilling platform in Kaiping South Oilfield in the South China Sea in December 2023. China's economic structural transformation and the rapid rise of renewables will make 2024 a turning point for the country's refined oil market, with demand set to shrink for the first time, industry experts say. Due to the accelerated replacement of traditional energy with renewable sources …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
1 month ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
1 month ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
1 month ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
1 month, 1 week ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
1 month, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Petroleum demand forecast to peak by 2029
Trending News
1 month, 2 weeks ago

Petroleum demand forecast to peak by 2029

China Daily  

Financial services provider UBS Securities recently predicted a peak in Chinese petroleum demand by 2029 and negative growth after 2030. Amily Guo, the China refining and chemicals analyst at UBS Securities, said factors influencing petroleum demand in China include the rapid rise of electric vehicles, liquefied natural gas powered heavy trucks, and the adoption of new energy sources like hydrogen. …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 3 weeks ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
1 month, 3 weeks ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

IEA lifts 2024 oil demand forecast but trims 2025 projections
1 month, 3 weeks ago

IEA lifts 2024 oil demand forecast but trims 2025 projections

Live Mint  

The International Energy Agency lifted its forecast for this year’s oil-demand growth but slightly trimmed next year’s estimates, citing the impact of China’s economic slowdown on consumption. “China’s marked slowdown has been the main drag on demand, with its growth this year expected to average just a tenth of the 1.4 million barrels a day increase in 2023," the IEA …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 3 weeks ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
6 months, 3 weeks ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 4 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
8 months, 4 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 3 weeks ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
10 months, 2 weeks ago

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl

Live Mint  

Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. This downward trend follows last week's losses, with Brent experiencing a decline …

India oil product demand up 8.2% in January, says report
10 months, 3 weeks ago

India oil product demand up 8.2% in January, says report

Live Mint  

New Delhi: India's demand for oil products saw a significant increase of 398,000 barrels per day, or 8.2%, year-on-year in January, according to a report by S&P Global Commodity Insights. LPG and gasoline demand saw the highest growth in January, driven by increased heating needs during the winter and a rise in mobility following year-end holidays, respectively. In January, jet …

Higher global oil supply set to satisfy demand increase, IEA says
10 months, 3 weeks ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

OMC stocks recover off lows after OPEC's bullish demand forecast; BPCL up 3%, IOC, HPCL hit 52-week highs
11 months, 3 weeks ago

OMC stocks recover off lows after OPEC's bullish demand forecast; BPCL up 3%, IOC, HPCL hit 52-week highs

Live Mint  

Shares of Indian oil marketing companies recovered off lows and scored record-high levels on Thursday, January 18, a day after the the Organistation of Petroleum Exporting Countries provided a bullish demand growth forecast for oil markets, despite the ongoing geopolitical conflicts. Similarly, shares of Hindustan Petroleum Corporation Limited surged significantly and were locked at five per cent upper circuit to …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
11 months, 3 weeks ago

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC

Live Mint  

The International Energy Agency has again raised its global oil demand growth forecast for 2024. With the conflict in the Middle East raising concerns over supply, the IEA said that - barring significant disruptions to flows - the market looked reasonably well supplied in 2024 and a surplus could emerge if OPEC and its allies unwind output cuts as scheduled …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 1 month ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 2 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

India’s Aug oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl
1 year, 3 months ago

India’s Aug oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl

Live Mint  

India's oil products demand increased by 118,000 barrels per day on a month on month basis in August as below-average rainfall and uneven distribution led to strong factory activity and increased mobility, according to a report by S&P Global Commodity Insights. On a year-on-year basis, the oil demand was up by 270,000 barrels per day, or 6 per cent, over …

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl
1 year, 3 months ago

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl

Live Mint  

Oil prices rose about 1 per cent on Tuesday, September 12, boosted by a tighter supply outlook, after oil producers Saudi Arabia and Russia extended their voluntary oil supply cuts till the end of the year. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 1.73 per cent …

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall
1 year, 3 months ago

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall

Live Mint  

The Organisation of Petroleum Exporting Countries, in its latest monthly oil market report for September, has revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day - which is 8 lakh bpd higher than 2022. The report comes days after Saudi Arabia and Russia, two of the most prominent members …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 4 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Is the decline of oil in sight?
1 year, 5 months ago

Is the decline of oil in sight?

BBC  

Is the decline of oil in sight? The single biggest thing that we have to do to mitigate climate change is to stop burning fossil fuels – Krista Halttunen "We think that peak will be before the end of the decade, but just after 2028, so 2029 or 2030, most likely," says Ciarán Healy, an IEA oil market analyst and …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 7 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

OPEC+ begins meetings that may agree further output cuts
1 year, 7 months ago

OPEC+ begins meetings that may agree further output cuts

The Hindu  

OPEC and its allies began two days of meetings on June 3 that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. "This number is premature, we didn’t go into these things," Iraq's oil minister Hayan Abdel-Ghani said …

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
1 year, 7 months ago

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts

Live Mint  

China’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said. In its closely watched monthly oil market report, the IEA raised its forecast for global oil demand growth this year by 200,000 barrels a day, to 2.2 million …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 7 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 9 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

OPEC+ oil alliance announces surprise production cuts from May
1 year, 9 months ago

OPEC+ oil alliance announces surprise production cuts from May

Al Jazeera  

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to about 1.15 million barrels per day, calling it a “precautionary measure” aimed at market stability. The 23-nation group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually …

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
1 year, 11 months ago

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA

The Hindu  

Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency said on Wednesday, while price cap sanctions …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 1 month ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

Global emissions will peak in 2025, says International Energy Agency
2 years, 2 months ago

Global emissions will peak in 2025, says International Energy Agency

Deccan Chronicle  

Paris: The International Energy Agency on Thursday released its World Energy Outlook 2022 report, which stated that global emissions will peak in 2025. "In the Announced Pledges Scenario, the commitments in the Nationally Determined Contributions bring about a faster reduction in emissions: global emissions peak before 2025 and fall to 31.5 Gt CO2 in 2030, which is around 15per cent …

Why is OPEC+ cutting oil production and what’s next?
2 years, 3 months ago

Why is OPEC+ cutting oil production and what’s next?

Al Jazeera  

The move comes ahead of the European Union embargoes on Russian energy over the Ukraine war. Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear …

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020
2 years, 3 months ago

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020

Live Mint  

Oil prices jumped more than $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising …

Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 3 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its …

OPEC+ to cut output by 100,000 bpd in October; oil prices soar
2 years, 4 months ago

OPEC+ to cut output by 100,000 bpd in October; oil prices soar

Live Mint  

In an anticipated move OPEC+, the alliance of Organization of the Petroleum Exporting Countries and other oil major oil exporters decided to reduce oil output by 100,000 barrels per day in October. In a statement OPEC said that the ministerial meeting decided to “revert to the production level of August 2022 for OPEC and non-OPEC participating countries for the month …

India's oil demand to rise 7.7% in 2022: OPEC
2 years, 4 months ago

India's oil demand to rise 7.7% in 2022: OPEC

The Hindu  

India's demand for petroleum products such as petrol and diesel will grow by 7.73% in 2022, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil report. India's crude imports edged …

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