The nation is the world’s third-biggest energy consumer
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The Organization of Petroleum Exporting Countries (OPEC) has said in its latest monthly report that India’s oil demand is expected to jump 8.2% to 5.15 million barrels per day in 2022. The positive forecast comes as the Indian economy continues to rebound from the devastation caused by the coronavirus pandemic.
According to the report, the nation’s crude demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, representing growth of 5.61%. However, this was still below pre-pandemic levels.
“With expected strong economic growth of 7.2% in 2022 and expected rapid containment of Omicron in the near future, oil demand is expected to recover,” said the report.