India identified as primary driver of global oil demand growth

Indian Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has identified India as the world’s fastest-growing and largest source of oil demand growth. In discussions with energy expert Fereidun Fesharaki, Puri noted that while global demand growth remains subdued in much of the world, India remains a significant exception.

The discussions also addressed shifting global supply dynamics, noting that North and South America are producing record volumes of crude oil and establishing new supply centers. However, these trends are being countered by volatility in energy markets caused by the conflict in West Asia and potential disruptions around the Strait of Hormuz, a critical passage for international energy trade.

For India, a major oil-consuming economy, these geopolitical risks and fluctuations in crude prices are central to energy security and import costs. The volatility underscores the need for continuous monitoring of crude oil, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) markets.