RIL predicts strong global oil demand on transportation fuels
The Business Guardian|October 31, 2023
Reliance Industries Limited (RIL) stated that the demand for oil is predicted to reach 102.7 million barrels per day (bpd) in 2024, with a robust increase driven by the use of transportation fuel.
RIL predicts strong global oil demand on transportation fuels

The largest corporation in India predicted that, by 2023, the average world oil demand would rise by 2.2 million barrels per day to 101.8 million barrels. Refiners would benefit from both planned and unforeseen refinery shutdowns, even in a scenario with weaker demand, it continued. According to the International Energy Agency (IEA), Global oil demand growth is set to slow to 900 kb/d in 2024 as the post-Covid rebound runs out of steam, while the economic expansion slows and energy efficiency improvements weigh on oil use.

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