Goa: India is expected to be the largest driver of Global Oil demand growth between 2023 and 2030, the International Energy Agency (IEA) said here on Wednesday.
In doing so, India would take over from China which is currently the largest driver of Global Oil demand.
“The world’s third-largest oil importer and consumer is on track to post an oil demand increase of almost 1.2 million barrels per day (bpd), thereby accounting for more than one-third of the projected 3.2 million bpd global gains,” IEA said in a report released at the India Energy Week in Goa.
The agency has forecast India’s Oil demand would reach 6.6 million bpd in 2030, up from 5.5 million bpd in 2023.
“India will become the largest source of global oil demand growth between now and 2030, while the growth in developed economies and China slows initially and then subsequently goes into reverse in our outlook,” the IEA report said.
To meet this demand, India is expected to add one million bpd of new refining capacity over the seven years and this will increase its crude imports further to 5.8 million bpd by 2030, IEA added.
Diesel will be India’s single largest source of oil demand growth on the back of massive Industrial expansion, accounting for almost half of the rise in the national demand and more than one-sixth of the total global oil demand growth through to 2030, the IEA said.
