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India’s consumption of refined oil products rose to a record in the 12 months to March 31, 2023, beating its pre-pandemic high.
Demand gained 10% — the fastest pace of growth in seven years — to 222 million tons, equal to about 4.9 million barrels a day, according to government data.
The South Asian nation’s consumption is expected to climb even more this year, albeit at a slower rate, to about 234 million tons. To feed this growth, India has become the biggest importer of Russian crude.
The inflow of discounted barrels shunned by Moscow’s traditional buyers in Europe is also pulling down prices charged by some of India’s Middle Eastern suppliers.
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