India & Taiwan Oil Demand in September 2012

Source: OPEC 10/31/2012, Location: Asia

Despite an easing of India’s recent electricity disruptions, the impact on diesel demand could be seen for a second month in a row. As the country tried to cope with the summer heat, excessive demand of electricity, along with the agricultural seasonality, led to more diesel demand country-wide. The use of independent diesel-operated power generation contributed to high diesel consumption in August. As a result, diesel usage increased by a massive 17% in August, adding another 0.2 mb/d to the country’s total diesel use. Diesel use in India is attributed not only to electricity usage but also to the transportation, industrial and agricultural sectors. Gasoline demand increased by 6% in August, due to the summer driving season.

Despite the decrease of 16% in fuel oil demand, India’s total oil demand inched up by 6% or 0.2 mb/d in August y-o-y. The country’s agricultural industry is greatly affected by weather changes during the summer. Consequently, the use of energy in this sector is highly dependent upon the weather’s variations from the norm. According to the Society of Indian Automobile Manufacturers, domestic passenger car sales decreased by a strong 18.6% during August, marking the first drop in the last ten months. Sales were hit mainly by the slowdown in economic growth.

Efficiency, along with economic slowdown, has led to a decline in oil demand in Taiwan in the year-to-date in 2012. The country’s oil demand plunged by 2.3% in July y-o-y. Most of the decline was attributed to the industrial sector. This trend can be seen in some other economies across the globe. And, in the first seven months of the year, Taiwan’s oil demand slid by 5% y-o-y. Most of that decline was related to less use of fuel oil, and this reduced the country’s total oil usage to an average of 0.94 mb/d. Given the strong oil demand in India, Other Asia’s oil demand growth is estimated at 0.25 mb/d y-o-y in 2012.


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