GG News Bureau
New Delhi, 8th Feb. The International Energy Agency (IEA) released its latest report titled ‘Indian Oil Market Outlook to 2030′ during the second edition of India Energy Week 2024 in Goa, stating that India will emerge as the largest source of global oil demand growth by 2030. The report highlighted India’s expanding role in global oil markets, attributing it to robust economic growth, population expansion, and demographic shifts.
Key findings indicate that urbanization, industrialization, and a burgeoning middle class seeking mobility and tourism will drive oil demand growth in India. The nation is projected to witness an increase of nearly 1.2 million barrels per day (mb/d) by 2030, contributing over one-third of the global gains to reach 6.6 mb/d.
Diesel/gasoil is anticipated to be the primary source of oil demand growth, followed by jet-kerosene, gasoline, and LPG. The report underscored India’s substantial investments in refining capacity expansion to meet growing domestic demand, with 1 mb/d of new distillation capacity expected to be added over the next seven years.
Additionally, the report emphasized the role of electric vehicles (EVs) and energy efficiency measures in mitigating oil demand, estimating a reduction of 480 kb/d by 2030. It also highlighted India’s focus on biofuels to decarbonize the transport sector, with ambitious targets set for ethanol blending.
India Energy Week 2024, a premier energy exhibition and conference, aims to catalyze India’s energy transition goals and promote startups’ integration into the energy value chain. The event features the participation of global oil and gas CEOs and experts, along with energy ministers from various countries, showcasing innovative solutions in the energy sector through dedicated country pavilions and a Make in India Pavilion.
