Commodities Buzz: India's crude oil demand recovers in Sep-26 after five consecutive months of declines

OPEC stated in its latest monthly update that in September 2026, India?s oil demand recovered to grow by 110 tb/d, y-o-y, after five consecutive months of y-o-y declines. The y-o-y increase in September stems from demand for all products, except petrochemical feedstock requirements for LPG and naphtha. Regarding specific products, demand for the ?other products? category, mostly bitumen and petroleum coke led the increase by 120 tb/d, y-o-y, up from a 140 tb/d, y-o-y, decline seen the previous month. While bitumen increased by 17.2%, y-o-y, petroleum coke inched up by 5.2%, y-o-y. Demand for diesel increased by about 90 tb/d, y-o-y, although this was below an increase of 100 tb/d, y-o-y, seen the previous month. Diesel was mostly supported by demand from the agriculture sector and increased transportation activity during the festival season. Meanwhile, demand for gasoline increased by about 80 tb/d, y-o-y, for the second consecutive month. Gasoline demand was driven by strong vehicle sales, which increased by 32% in September, compared with the same period last year. Meanwhile, residual fuel demand inched up by about 10 tb/d, y-o-y, broadly unchanged from the previous month. Jet/kerosene demand was broadly flat, y-o-y, after a minor increase of about 10 tb/d, y-o-y, in August.

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