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India Oil Demand: Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev. The drop will return growth near the pace seen from 2011 to 2019, he said. The International Energy Agency, meanwhile, sees growth halving to 100,000 barrels a day, according to its November report.

Oil demand growth in the key Asian market of India is set to slow next year as the spurt in consumption that followed the pandemic fades, echoing a slowdown in China and presenting a fresh headwind for prices.

Asia, led by China and India, is rapidly advancing in the electric vehicle (EV) market with significant infrastructure development.

India has found 5.9 million tonnes of lithium reserves in Jammu and Kashmir provinces, the country's first major discovery.

Top oil firms are expediting their transition plans to alternative business lines.