India will lead global oil demand growth up to 2030: IEA

09 February, 2024

The International Energy Agency (IEA) predicts India's oil demand will reach 6.6 million barrels per day by 2030 in a new report out on Wednesday.

India is forecast to be the single-largest source of global oil demand growth from 2023 to 2030, narrowly ahead of China, the IEA said in its latest oil report on Wednesday.

Indian oil companies are making significant investments in refining to meet increasing demand for oil in the country. The IEA’s forecast suggests that the country’s demand will reach 6.6 million barrels per day (mbbl/d) in 2030, up from 5.5mbbl/d in 2023.

“India’s oil consumption is set to increase faster than other countries’ [because the] country is still in the initial stages of economic development,” the agency said.

In the next seven years, India plans to add 1mbbl/d of new refinery capacity – the second highest globally after China – to its current capacity of 6.8mbbl/d.

According to the report, demand for jet kerosene in India is expected to grow strongly at an average rate of 5.9% per year. However, this growth is from a low base compared with other countries.

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