India’s oil demand to peak later than in other major economies: Report

India’s refined crude demand will peak later than in other major economies, placing the country in the spotlight driving this demand. According to S&P Global Commodity Insight in a note, said while alternative fuels are gradually shifting energy consumption patterns away from fossil fuels, the fossil fuel usage will remain significant in the foreseeable future. Notably, India’s refined product demand grew 3 per cent year-over-year in 2024, compared to flat growth in China. According to forecast that India’s refined product demand will reach 5.7 million barrels per day (b/d) by 2026. Additionally, a planned capacity increase is set to bolster India’s production capabilities.