INDIA LARGEST SOURCE OF GLOBAL OIL DEMAND GROWTH BY 2030

According to our outlook, India is poised to emerge as the primary source of global oil demand growth from now until 2030. Meanwhile, we anticipate a deceleration in growth in developed economies and China, followed by a reversal in their demand trends.

India's significance in global oil markets is anticipated to undergo substantial expansion throughout the remainder of the decade. This growth will be driven by robust economic expansion, population growth, and changing demographics. Factors such as urbanization, industrialization, the rise of a wealthier middle class seeking mobility and tourism opportunities, as well as efforts to improve access to clean cooking, will serve as key drivers for the increase in oil demand.

As a result, India is projected to witness a notable increase of nearly 1.2 million barrels per day (mb/d), comprising more than one-third of the estimated 3.2 mb/d global gains, to reach 6.6 mb/d by 2030. The country's massive industrial expansion will lead to diesel/gasoil emerging as the largest contributor to oil demand growth, accounting for almost half of India's demand increase and over one-sixth of the total global oil demand growth expected through 2030.

Learn More