India to surpass China as main driver of global oil demand in ’30

India is expected to be the largest contributor of global oil demand growth from 2023 to 2030, surpassing developed economies as well as China, International Energy Agency (IEA) said in a report on its website.

The country’s strong economic and demographic growth is projected to drive an increase in oil demand of almost 1.2 million barrels per day (mb/d), accounting for more than one-third of the expected 3.2 mb/d global gains.

Only 18 per cent of the country’s demand growth will be for petrochemical feedstock use, while globally this figure will exceed 90 per cent. In China, almost all net gains will be for chemical production, according to the report.

India’s industrial expansion will drive a significant increase in demand for diesel and gasoline, making them the largest sources of oil demand growth in the country. The IEA projects that these fuels will account for nearly half of India’s demand growth and more than one-sixth of global demand growth by 2030.