India is a key driver of global oil and gas demand, but a change in trade flows due to monetary policy could hurt its demand in 2023
- Dec 22, 2022, 9:00 AM CST
While India may see a slowdown in oil and gas demand next year, its growing transportation sector will drive plenty of demand growth in the future.India is one of the biggest drivers of global energy demand growth and has long been a leading element in price forecasts. With an economy growing as fast as China’s, perhaps even faster, India has been the source of much oil and gas price bullishness. This may be about to change.
India is one of the most overwhelmingly import-dependent energy consumers in the world, with imports of crude oil covering more than 80 percent of demand. This makes the country highly sensitive to price rises in the commodity and also one of the most active bargain seekers on the oil market.
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