India Another indication of how it is leaving its impact on the world map was found on Wednesday. Our country will be the biggest center of increase in demand for crude oil in the year 2027. This means that we will have special importance in the crude oil market. Such is the importance of China at this time. In this way, India will overtake China as the center of growth in global crude oil demand in the year 2027. The International Energy Agency (IEA) has made this estimate. In the world’s fastest-growing major economy, consumption from transport and industry will drive growth despite a major push for clean energy and electrification, the IEA said.
Now we are in second place
The country’s crude oil demand will grow from 54.8 lakh barrels per day in 2023 to 66.4 lakh bpd in 2030, the Paris-based agency said in a special report on Indian Oil Market Outlook to 2030 released at India Energy Week on Wednesday. China is currently the largest driver of oil demand and India is at number two in the list.
India will overtake China
The data given by the IEA in the report is related to the conversion of crude oil into fuel for domestic and export purposes. According to Petroleum Ministry data, domestic consumption is about 5 million barrels per day (bpd). “India’s oil demand will grow rapidly by 2030 despite rapid green energy steps,” said Kisuke Sadamori, IEA Director of Energy Markets and Security. India’s growth rate will overtake China in 2027.
Oil demand slowed down in developed countries and China
However, demand in India will lag behind China even in 2030. Toril Bossoni, head of the oil industry and markets division at the IEA, said, “As oil demand in developed countries and China has slowed, India has become the largest source of growth.” It is the third largest consumer of crude oil after India. It imports 85 percent of its oil needs and this dependence is likely to increase as domestic production declines. “India will become the largest source of growth in global oil demand between now and 2030,” the IEA said. Whereas in developed economies and China, growth is expected to be slow initially and vice versa later.” The report said, ”India is on track to register a growth of about 12 lakh bpd. It is expected to reach 66 lakh bpd by 2030.”
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