Indiamajor center growth crude oil 2027 leaving China behind
[ad_1]
India will overtake China as the center of global crude oil demand growth in 2027. The International Energy Agency (IEA) said transport and industry consumption in the world’s fastest-growing major economy will drive growth despite a major emphasis on clean energy and electrification.
The country’s crude demand will grow from 5.48 million barrels per day (bpd) in 2023 to 6.64 million bpd in 2030, the Paris-based agency said in a special report on Indian oil market outlook to 2030 released at India Energy Week. China is currently the largest driver of oil demand and India is at No.2 on the list. The data given by IEA in the report is related to converting crude oil into fuel for domestic and export.
According to Petroleum Ministry data, domestic consumption is about 5 million barrels per day (bpd). “India will become the largest source of growth in global oil demand between now and 2030, while growth in developed economies and China is expected to slow initially and reverse later,” the IEA said. “India is on track to register an increase of about 12 lakh bpd… which is expected to reach 66 lakh bpd by 2030,” the report said.
[ad_2]
Source link
