India product markets long-term outlook H2 2020 Report

Commodity Market Report 29 January 2021

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Report summary

India had a surplus of all products except LPG in 2020 when product supply, both from the refinery and non-refinery sources, is compared with demand. The country has a large deficit in LPG, which is expected to grow. In the near term, India will continue to export gasoline and diesel because of surpluses from the private refiners. However, as a result of strong growth in gasoline and diesel demand, surpluses for transport fuels are expected to reduce sharply, especially gasoline. The country's oil demand is expected to increase by 6.06 million b/d between 2020 to 2050, accounting for more than half of global oil demand growth and more than two-thirds of Asia oil demand growth.