Mumbai Wealth Management：International oil prices may be under pressure again!Industry institution： India’s demand for oil demand next year will slow down

Zhitong Finance is informed that the growth of oil demand in India, major Asian markets, will slow down next year, because the increase in consumption after the epidemic has surged, bringing new unfavorable factors to oil prices.According to Mukesh Sahdev, director of the oil transaction of Rystad Energy Company, the growth rate of consumption in 2024 will drop from about 290,000 barrels/day from 2021 to 2023 to 150,000 barrels/day.He said that this drop will return to the growth rate close to from 2011 to 2019; at the same time, according to the November report of the International Energy Agency (IEA), the expected increase will be halved to 100,000 barrels/sky.Mumbai Wealth Management

Due to the continuous concerns of global supply that exceeds demand, oil prices have fallen sharply this quarter.Although OPEC and its allies plans to further reduce production, other countries, including the United States, are also expanding production, and oil prices have fallen.At the same time, it is expected that the growth of crude oil demand will slow down next year, and the prospect will be covered with a shadow.Simla Investment

India is the third largest crude oil consumer and an important market for producers in the Middle East and RussiaAgra Stock. Russia increased its exports to India after the outbreak of the Russia and Ukraine in 2022.The Indian economy has been growing rapidly, and the economy has increased by 7.6%in the third quarter, which has boosted the demand for gasoline, diesel and other products.Although the overall oil consumption is at a record level, the expansion speed will slow down with the one -time view of the epidemic.Kolkata Wealth Management

More challenging prospects, coupled with skepticism of OPEC+(OPEC+) production reduction planning capabilities, put pressure on the global benchmark Brent crude oil prices.After the oil price was approaching $ 98/barrel at the end of September, it is currently falling for the third consecutive month.Futures price is currently close to $ 75.

The consulting company FGE also predicts that the growth rate of Indian demand in the new year will slow down.The company’s senior analyst Dylan Sim predicts that the increase in consumption in 2023 will be 20,000 barrels per day than this year.Varanasi Stock

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