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India Business News: The International Energy Agency (IEA) predicts that India will surpass China as the largest driver of global oil demand by 2027. Discover the projections, challenges, and opportunities for India's oil demand growth.
India plans to scale up its refining capacity from the current 250 million tonne per annum to 450 by 2030 and aims to a become a hub for petroleum and petrochemical products.
Domestic diesel demand is projected to rise from 1.8 million barrels per day (mbd) in 2023 to 2.3 mbd in 2030, an increase of 4.5% annually, IEA said in its India Oil Market Outlook. By comparison, petrol demand is estimated to rise a modest 0.7% every year to 1 mbd in 2030 from 0.9 mbd in 2023. For the last many years, diesel consumption has grown at a much slower pace than petrol as preference for petrol cars grew after deregulation eroded diesel's price advantage.
India is expected to surpass China as the largest driver of global oil demand in 2027, according to the International Energy Agency (IEA).
The IEA was created to provide reliable information about energy sources, but there may be a need to split the agency into two entities to more effectively manage and adapt to the global energy landscape.