All Eyes on India

February 9, 2024  

Will the South Asian giant be a new growth engine for tankers?

Earlier this week, the IEA published a detailed report on the Indian oil market and its outlook to 2030.  In the report the agency highlighted the country’s economic expansion and population growth. In combination with rapid urbanization and growth in industrialization, this will make India the largest source of oil demand growth in the world this decade, according to the IEA, narrowly beating out China. Changes in India’s refining and petrochemical industry will change the country’s crude oil and refined product balances over this period.

In this week’s Tanker Opinion, we will take a look at the implications of all these changes for the crude oil and product tanker market.

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