India to lead world in fuel demand growth: IEA
global oil demand, the International Energy Agency (IEA) said Wednesday, forecasting rise in consumption by a massive 1.3 million barrels between 2023 and 2030. In its Oil 2024 Report, the Paris-based energy watchdog said India's oil demand is forecast to grow more than any country's other than China between 2023 and 2030.
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India's oil demand is projected to rise from 5.4 million barrels per day (bpd) in 2023 to 6.7 million bpd by 2030, a growth of 3.2 per cent or 1.3 million bpd.
«Unusually, in a global context, an increase of more than 1.3 million bpd will be dominated by rising demand for road transport fuels, with a comparatively small role for petrochemical feedstocks and underlying growth comfortably outpacing deployment of clean energy technologies.
«In the second half of this decade, India will become by far the most important contributor to overall growth,» it said.
India's oil demand rising by 900,000 bpd between 2025 and 2030 will be well ahead of China's 570,000 bpd and three-quarters of net global gains, it said.
World will amass 'major' oil surplus by 2030, says IEA
For the world, IEA forecast oil demand peaking by 2029 and beginning to contract the next year.
The oil demand growth in India is primarily driven by its fast expanding economy. India is set to
