India will be main driver of global oil demand: International energy agency

NEW DELHI: India will become the main driver of global oil demand growth in the second half of the decade on the back of expanding transportation of fuel consumption, driven by rapid economic growth and growing population, the International Energy Agency (IEA) said on Wednesday.
The agency’s Oil 2024 report and forecast till 2030 saw India’s oil demand rising 1.3 million bpd (barrels per day ), or 3.2%, from 5.4 million bpd in 2023 to 6.7 million bpd by 2030.This increase will be higher than any country other than China between 2023 and 2030, it said. In contrast, the report said, “demand in China, long the single most important driver of global growth in oil use, is set to reach a plateau at close to 18 mb/d (1.4 mb/d higher than 2023) by the end of the decade.”
India’s oil consumption growth will be underwritten by increasing demand for transport fuels, growing economy and population besides “underlying demand outpacing deployment of clean energy technology”.