Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>: Rupee traded in a narrow range in morning trade on Thursday, as the support from positive <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> was negated by relentless <keyword id="20024981" type="General" weightage="20" keywordseo="dollar-demand" source="keywords">dollar demand</keyword> from importers. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened at 83.93 and fell to 83.95, registering a loss of 5 paise from its previous close. On Wednesday, the Indian rupee fell 13 paise to 83.90 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword>. "The rupee's ongoing decline has been fuelled by a growing trade deficit and relentless dollar demand from importers, placing it under significant pressure," CR Forex Advisors MD Amit Pabari said. Pabari further noted that "the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is expected to step in to prevent the rupee from breaching the critical 84.00 threshold. The market anticipates that the central bank might sell USD to maintain stability. Additionally, the recent dip in crude oil prices to around USD 75.48 per barrel could offer the rupee some much-needed relief." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 101.21 points. Brent crude, the global oil benchmark, was 0.01 per cent up at USD 76.06 per barrel in futures trade, Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, provided inflation continues to cool. This has increased the likelihood of a Fed rate cut, putting downward pressure on the US dollar and offering some support to the rupee. Now, all eyes will turn to the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets, Pabari said. In the domestic equity market, the 30-share BSE Sensex gained 166.66 points, or 0.21 per cent, to 81,071.96 points, while the Nifty increased by 55.10 points, or 0.22 per cent, to 24,825.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.

Rupee trades in narrow range against US dollar in early trade

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<ul class="summary-list"><li>India is going to be a key driver in global oil demand growth for the next seven years, IEA said.</li><li>The country's oil demand is expected to increase by 1.2 million barrels a day by 2030, roughly a third of global demand gains.</li></ul>Move over, China. India is going to be the foremost driver of global oil-demand growth over the next seven years.According to a new <a href="https://www.iea.org/reports/indian-oil-market/executive-summary" target="_blank" rel="noopener">report</a> from the International Energy Agency, India's oil demand is expected to grow by 1.2 million barrels a day through 2030, which would make up roughly a third of the projected total over the period. The country was already the world's second-largest crude oil net importer in 2023."India will become the largest source of global oil demand growth between now and 2030, while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook," the IEA report said.That shift is expected to arrive as <a href="https://www.businessinsider.com/india-stock-market-catching-up-hong-kong-2023-12">India's economy keeps growing</a>, along with its population and demographics. The country's massive industrial expansion is also a harbinger of <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-india-china-demand-growth-forecast-crude-prices-2023-12">soaring oil demand</a> — through 2030, the sector is expected to account for about half the rise of India's oil demand and over a sixth of total global oil demand growth.Meanwhile, <a href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-evergrande-bass-2024-2">China's economy</a> has been going the other way. Beijing's blemished post-Covid growth and a fracturing property sector has tanked its stock market. <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-retreat-stimulus-chine-economy-growth-stock-market-csi300-2023-11">Foreign investors have also fled the market.</a>But beyond economic muscle, India's oil demand growth is also a symptom of the global energy crisis, the IEA noted, which has forced countries around the world to prioritize energy security. That concern is a big one for India, a country highly <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.?utm_medium=ingest&amp;utm_source=markets">dependent on oil imports.</a> It only produces 13% of its supply needs.Delhi has been pouring money into its refining sector in anticipation of that surging demand. The country is expected to add about 1 million barrels a day of new refinery distillation capacity by 2030, more than any other country besides China.According to the IEA, India's oil demand would be even stronger — about 480 kilo barrels a day — if it wasn't for their investment in the energy transition.

India will be the largest source of oil-demand growth for the next 7 years, IEA says

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> expects the price of the Indian basket of <keyword id="20023856" type="General" weightage="20" keywordseo="crude-oil-imports" source="keywords">crude oil imports</keyword> to be around $85 per barrel going ahead amid geopolitical tensions which have "imparted significant uncertainty" to the outlook. India exports around 85 per cent of its crude requirement, and soaring oil prices which have often crossed the $90 a barrel mark in recent years, tend to drag down the economy. The RBI's monetary policy report released on Friday states that international crude prices exhibited sizeable two-way movements in the second half of 2023-24, falling in October-December 2023 to around $75 per barrel on slowing global demand amidst weak manufacturing activity and easing demand for transportation fuels as well as supply increases from non-OPEC countries. However, amidst intensifying hostilities in the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, deep output cuts by OPEC plus cartel, and incidents of supply outages, international crude prices moved higher from mid-December reaching an average close to $85 per barrel in March, the report points out. "The spread between global petroleum product prices and crude prices eased from its recent peaks in mid-2022 but remains elevated by historical standards in view of demand-supply refinery mismatches. Taking into account these factors, the baseline assumption for the crude price (Indian basket) is retained at $85 per barrel," the report states. Regarding the outlook for the rupee, the report states that the nominal exchange rate of the Indian currency saw two-way movements in the range of Rs 82.8-83.4 per US dollar in the second half of 2023-24. Taking into consideration the uncertainty around US dollar movements, the ebbs and flows of global capital flows and international crude oil prices, the baseline assumption for the exchange rate is revised to Rs 83 per US dollar. It also sees as a positive factor in the global growth forecast for 2024 being revised upwards by 20 bps to 3.1 per cent by the <keyword id="19916590" type="General" weightage="20" keywordseo="international-monetary-fund" source="keywords">International Monetary Fund</keyword> (IMF) in its January 2024 update of the <keyword id="20389978" type="General" weightage="20" keywordseo="world-economic-outlook" source="keywords">World Economic Outlook</keyword> (WEO) from its October 2023 projection. Global economic growth is expected to increase marginally to 3.2 per cent in 2025 and global trade growth (goods and services combined) is projected to accelerate from 0.4 per cent in 2023 to 3.3 per cent in 2024 and further to 3.6 per cent in 2025. However, the headwinds from protracted geopolitical tensions and increasing disruptions in trade routes pose risks to India's growth outlook, according to the report. Taking all these factors into consideration, India's real GDP growth for 2024-25, is projected at 7.0 per cent, with Q1 at 7.1 per cent; Q2 at 6.9 per cent; Q3 at 7.0 per cent; and Q4 also at 7.0 per cent. The risks are evenly balanced, the report adds.

RBI sees price of India's crude oil imports at $85 a barrel in FY25

<ul class="summary-list"><li>Bank of America forecasts the growth rate for oil demand to slow in the coming years.</li><li>Energy technology is becoming more efficient, which will temper total oil usage.</li></ul>Oil demand will still increase in the coming years, but thanks to things like improving technology and the switch to alternative fuel sources, the rate of growth has likely peaked, Bank of America said in a note this week. Analysts led by commodity strategist Francisco Blanch forecasted that global oil demand should increase at a slower pace leading up to 2030 following the sharp rebound from pandemic lows. Growth should continue more prominently in industries that are difficult to decarbonize, such as airlines, chemical companies, and marine transportation, in the firm's view. However, developments among the 38 OECD nations including increased efficiencies, aging populations, and softer income growth should help counteract that. In the third quarter of 2023, global oil demand hit a record of about 103 million barrels a day, up from the severe contraction seen in 2020 of 92 million barrels a day.For the next six years, BofA expects a net growth of roughly 3.7 million barrels a day."[A]t 600k b/d YoY on average, oil demand growth into the end of the decade should be a fraction of the rate observed in the past three years," Blanch and his team wrote.<div type="image" title="Bank of America global oil growth rate outlook" height="914" width="947" msid="107467624" hostid="261" sizebytes="44778"></div>Bank of America forecasts oil consumption in China to peak near 2030 amid its electric-vehicle boom. The firm also said India will remain the fastest-growing major petroleum market. The backdrop of slowing global economic growth will also factor into the weakening growth rate for oil demand.Developed economies including the US and some European and Asian nations are poised to lead the way with substitutions, as well as demographic challenges to continued growth in oil demand. "At any rate, the final destination towards net zero emissions does not change, as renewable energy prices drop to become competitive with thermal fuel alternatives," Blanch said."Following a 2.3mn b/d or 2.3% expansion in 2023, oil consumption will likely continue to grow into 2030, but the rate of oil demand growth has likely peaked for good."

The rate of oil demand growth has peaked 'for good,' Bank of America says

<ul class="summary-list"><li>China has been the leading driver of oil demand for a number of decades, but that's about to change.</li><li>A recent Bernstein note predicted other countries in Asia will gain prominence, especially India.</li></ul>The upcoming decades will deliver big shifts in oil markets, as India's demand growth is set to take on China's, according to analysts at Bernstein.While China has been the leading driver of oil demand for a number of decades, future growth will be led by other emerging markets, especially in Asia."India has been less important, but, going forward, India is expected to be the most important single region driving demand growth over the next 20 years, making it a key country to watch for future demand," analysts wrote in a note from December 4.That's as oil demand will be based on each region's economic expansion and the rate of decline in oil intensity — or how much oil is consumed per unit of GDP. As nations develop, they tend to see steeper declines in intensity; currently, India's rate stands above that of China.In its short-term outlook, Bernstein noted that global oil demand growth will slow to 0.9% next year from 2.4% in 2023.Longer term, oil demand will reach 107.5 million barrels per day by 2030, up from 102 million barrels per day this year. "Demand growth will be front-end loaded but the growth rate will be slower over much of the rest of the decade," Bernstein said. "As countries such as India take the mantle of leadership in oil demand, we expect oil demand will however continue to rise."Bernstein is not alone in <a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-record-us-production-opec-market-share-energy-2023-12">forecasting a slowdown</a>. Recently, OPEC has put out the most <a href="https://markets.businessinsider.com/news/commodities/opec-oil-market-demand-prices-global-slowdown-2024-production-cuts-2023-12?_gl=1*jxxgzr*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwMjU4NTQzMy41MzguMS4xNzAyNTg1Nzg3LjYwLjAuMA..">optimistic prediction</a>, expecting strong economic growth to buoy demand. However, demand for oil has already <a href="https://markets.businessinsider.com/news/commodities/oil-prices-wti-brent-crude-inventory-demand-destruction-economy-slowdown-2023-10">slipped steadily this year</a>, battered by increasing borrowing costs and declines in emerging-market currencies. This has complicated efforts by OPEC+ to lift oil prices through a series of production cuts. Despite<a href="https://www.businessinsider.com/oil-prices-inflation-federal-reserve-interest-rates-stock-market-outlook-2023-9"> earlier predictions</a> of a $100-per-barrel level, <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> crude oil now stands at around $76.

Oil markets will shift away from China as India will drive demand growth in the next 20 years, Bernstein says

<ul class="summary-list"><li>The world is "far off" from peak oil consumption amid strong demand, OPEC's secretary general said, per Bloomberg.</li><li>Countries like China and India are driving that demand, with the latter showing "phenomenal economic growth," he said.</li></ul>Peak oil consumption won't be a conversation we'll have for a long time, according to OPEC's Secretary General.At the World Governments Summit in Dubai on Tuesday, Haitham Al Ghais told a panel that oil demand is quite strong, pushing off talk of a peak, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-13/opec-chief-says-robust-oil-demand-makes-peak-look-far-out?srnd=markets-vp">reported</a>."I think talking about peak oil demand is probably something way far out," he said.For Al Ghais, the robust oil demand is expected to come from the East, with India generating "phenomenal economic growth" and China demand staying strong. The International Energy Agency has forecasted that <a href="https://markets.businessinsider.com/news/commodities/india-china-oil-market-outlook-supply-demand-economy-crash-iea-2024-2">India will be the main driver of global oil demand growth</a> for the next seven years, accounting for a third — or about 1.2 million barrels a day — of the projected increase in global oil consumption.Oil demand has rebounded from pandemic lows amid a resurgence in transport fuels too.Amid all the strong oil demand, OPEC has stuck with their oil production cuts — but it hasn't tipped markets into an under-supply because of <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-saudi-arabia-opec-production-us-share-crude-supply-2023-12">boom-time US oil production</a> and non-OPEC nations that have <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-cuts-saudi-arabia-us-crude-supply-2023-12">filled the vacuum of supply</a> to meet oil demand."We're seeing good production coming out of Guyana, out of Brazil, Canada," Al Ghais said.The stunning output from non-OPEC countries has actually caused markets to become over-supplied, weighing on global oil prices that OPEC was determined to lift by engineering a supply crunch.JPMorgan's top energy strategist recently echoed Al Ghais' view, saying we <a href="https://markets.businessinsider.com/news/commodities/global-oil-demand-peak-outlook-opec-energy-prices-gas-coal-2023-12">won't see peak oil demand in our lifetime</a>. But not everyone agrees. Organizations like the International Energy Agency have said peak oil demand come come <a href="https://markets.businessinsider.com/news/commodities/oil-demand-outlook-coal-natural-gas-peak-clean-energy-transition-2023-10">in the next several years</a>.Brent crude prices are at $82.44 a barrel, far off highs of $97 a barrel in September last year.While the glut of supply has flooded the market in the past year, Occidental's CEO Vicki Hollub recently said the oil market will face a <a href="https://www.cnbc.com/2024/02/05/oil-market-will-face-supply-shortage-by-end-of-2025-occidental-ceo-says.html">shortage</a> by the end of 2025 as <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-brent-crude-prices-forecast-production-supply-demand-occidental-2024-2">demand outmatches output.</a>

The world is 'far off' from peak oil amid strong demand, OPEC chief says

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

You Searched For "india oil demand" and got 8 results

Rupee trades in narrow range against US dollar in early trade

PTI

India slashes windfall tax on crude petroleum

ANI

India will be the largest source of oil-demand growth for the next 7 years, IEA says

Aruni Soni

RBI sees price of India's crude oil imports at $85 a barrel in FY25

IANS

The rate of oil demand growth has peaked 'for good,' Bank of America says

Phil Rosen

Oil markets will shift away from China as India will drive demand growth in the next 20 years, Bernstein says

Filip De Mott

The world is 'far off' from peak oil amid strong demand, OPEC chief says

Aruni Soni

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

Ira Alok Puranik

Popular Keywords

Buying Guides