International Energy Agency’s latest update estimates global oil demand at 99.1 million barrels a day in 2018. IEA’s latest update estimates global oil demand at 99.1 million barrels a day in 2018. Opec accounts for 86% of crude oil, 75% of gas and 95% of liquefied petroleum gas (LPG) that India imports. Indian refiners started sourcing oil from US exporters last year. Experts said the recent bullish trend in oil price is enabling many US producers to ramp up production, which will help boost supplies in global oil trade and stabilize prices.

Source: Mint January 23, 2018 13:07 UTC