Feb 22: There seems to have been a big demand side surge in India in January, 2018
8This was brought about by a combination of factors, including stepped up demand, a lower base in January last year on account of demonetization and less than targeted domestic output of oil & gas last month.
8LNG imports are up 47% from January last year. The recent surge in spot LNG prices seems to have hurt demand in what is considered a price sensitive market but not enough to stop it from rising.
8Refinery throughput is aggressively up as well.
8The surge in oil imports has alarmingly raised our import dependency for the month when compared to January last year. Even without taking into account the January, 2017 aberration, dependency is rising rapidly.
8The surge in demand is now both a challenge and an opportunity.
8It shows a revival in growth but also a massive rise in fossil fuel consumption. If unchecked, India's a voracious appetite for oil and gas will continue to surge well into the foreseeable future.
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