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2018-01-10 12:50:00

THE SLOWEST INDIA'S OIL DEMAND

THE SLOWEST INDIA'S OIL DEMAND

BLOOMBERG - India's oil consumption in 2017 expanded at the slowest pace in four years as a surprise ban on high-value currency notes and a new national sales tax weakened the economy.

The nation's consumption of petroleum products rose 2 percent to about 200 million tons, the Oil Ministry's Petroleum Planning and Analysis Cell said Wednesday. That's the slowest since 2013, when demand grew 1.7 percent while global oil prices averaged about $109 a barrel, almost double last year's level.

"The cash ban had a bigger impact on oil demand in the first half, while the goods and services tax impacted the second half," Nevyn Nah, an oil products analyst at Energy Aspects, said by phone from Singapore, adding that good rainfall during the monsoon season also lowered diesel demand.

Growth slowed down in the world's second-most populous nation after Prime Minister Narendra Modi's unprecedented cash ban in 2016 and the chaotic rollout of a goods and services tax last year. India forecast its economy will expand 6.5 percent in the year through March, the slowest pace since Modi came to power in 2014.

India's slowdown last year followed the 11 percent surge in 2016, the biggest gain on record, spurred by rising income levels that propelled greater use of cars, trucks and motorbikes.

The cash ban and the new tax hit truckers the hardest, affecting demand for diesel as they are the largest consumers of the fuel in India. Diesel accounts for almost 40 percent of the country's oil products use.

The International Energy Agency, which expects the country to be the fastest-growing oil consumer through 2040, cut its 2017 demand forecast for India at least three times, following sharp fluctuations in monthly consumption. The agency estimated India's oil demand growth at 135,000 barrels a day in 2017 and 275,000 barrels a day in 2018.

India's total oil products consumption grew 7.5 percent in December, the most in three months. The country consumed about 17 million tons of oil products last month, up from about 16 million tons a year earlier.

"The worst is over," Nah said. "As the government embarks on pro-growth policy to revive the economy and consolidate electoral support before the 2019 general election, Indian oil demand growth is likely to pick up strongly."

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Earlier:

 INDIA'S STRONG GROWTH
2017, December, 27, 12:35:00

INDIA'S STRONG GROWTH

IMF - Since the 2011 Financial Sector Assessment Program (FSAP), India has recorded strong growth in both economic activity and financial assets, supported by important structural reforms and terms of trade gains.

 

 INDIA'S LPG UP
2017, December, 27, 12:30:00

INDIA'S LPG UP

REUTERS - Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time.

 

 INDIA'S GAS WILL UP
2017, November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

 

 IEA: GLOBAL ENERGY DEMAND UP BY 30%
2017, November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

 

 OPEC: 2040 GLOBAL ENERGY CHANGES
2017, November, 9, 14:00:00

OPEC: 2040 GLOBAL ENERGY CHANGES

Within the grouping of Developing countries, India and China are the two nations with the largest additional energy demand over the forecast period, both in the range of 22–23 mboe/d.

 

 EIA: NUCLEAR ENERGY WILL UP
2017, November, 9, 13:50:00

EIA: NUCLEAR ENERGY WILL UP

EIA projects that global nuclear capacity will grow at an average annual rate of 1.6% from 2016 through 2040, led predominantly by countries outside of the Organization for Economic Cooperation and Development (OECD). EIA expects China to continue leading world nuclear growth, followed by India. This growth is expected to offset declines in nuclear capacity in the United States, Japan, and countries in Europe.

 

 RENEWABLE ENERGY UP
2017, September, 25, 13:10:00

RENEWABLE ENERGY UP

China accounts for the lion’s share of the upsurge. But Middle East and north African countries are scheduled to have installed 14GW in solar plants by the end of 2018 — a seven-fold increase from 2015. Central and South America are also expected to reach 14GW, nearly five times more than in 2015, while India is set to hit 28GW, a jump of nearly six times.

Tags: INDIA, OIL,

Chronicle:

THE SLOWEST INDIA'S OIL DEMAND
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

THE SLOWEST INDIA'S OIL DEMAND
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

THE SLOWEST INDIA'S OIL DEMAND
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

THE SLOWEST INDIA'S OIL DEMAND
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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