India to be largest global oil demand growth driver through 2030: IEA

Feb 7, 2024



Qitol: India is expected to become the largest driver of global oil demand growth between 2023 and 2030, taking the lead from top importer China. international energy agency ,IEA) said on Wednesday.
The world's third-largest oil importer and consumer is on track to record oil demand growth of about 1.2 million barrels per day (bpd), more than a third of the estimated 3.2 million bpd global gain, the IEA said in a statement. Is responsible for. report released india energy week In Goa.
The agency estimates India's demand to reach 6.6 million bpd in 2030, up from 5.5 million bpd in 2023.
“India will become the largest source of growth in global oil demand between now and 2030, while growth in developed economies and China slows initially and then reverses later in our outlook,” it said.
To meet this demand, India is expected to add 1 million bpd of new refining capacity over a seven-year period and this will increase crude oil imports to 5.8 million bpd by 2030, the IEA said.
Among products, diesel will be the largest source of growth in India's oil demand due to massive industrial expansion, accounting for almost half of the country's demand growth and more than one-sixth of total global oil demand growth by 2030. IEA said.
It said jet fuel is poised to grow by an average of 5.9% annually, but on a lower base than in other countries.
The IEA said electrification of India's vehicle fleet would reduce annual growth for gasoline by an average of 0.7%. It said new electric vehicles and energy efficiency improvements in India could avoid 480,000 bpd of additional oil demand between now and 2030.



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