India Oil Demand in February 2012

Source: OPEC 2/22/2012, Location: Asia

India’s November petroleum product sales were up, as a result of domestic price hike expectations. This caused the highest growth since June 2009. Consequently, December oil product sales were moderate. Diesel demand in December grew by 6% y-o-y, adding another 85 tb/d to the total diesel use pool. Diesel usage is the largest in India, averaging 1.5 mb/d. Gasoline demand also grew, by 44 tb/d, in the same month. Oil demand grew by 2.3%, or 86 tb/d, in December y-o-y. Given the cautious sentiment surrounding the country’s future economic activity, India’s oil demand is seen growing at a more moderate pace than last year. For 2012, oil demand is expected to increase by 0.12 mb/d. According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales increased by 8.5% during December y-o-y. Various discount offers helped to partially offset weaker demand for car sales, which slowed in the second half of last year, due largely to high borrowing costs and relatively high motor fuel prices.

Given the effect of not only increasing business travel, but also industrial and home energy, Hong Kong oil demand for kerosene grew sharply in November, adding another 114 tb/d to total oil use. The country’s total oil demand grew by 38% in November y-o-y. However, this is not expected to continue in 2012. Taking into account the slowdown in Indian oil demand, Other Asia oil demand growth is forecast to be slightly lower than last year, reaching 0.2 mb/d, to average 10.7 mb/d.


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