IEA expects India global oil demand to grow by 2.5bpd by 2030
By Anjali Sharma
WASHINGTON – International Energy IEA on Tuesday stated that global oil demand is expected to increase by 2.5 million bpd by 2030, reached 105.5 million bpd.
IEA in a report issued said India is projected to contribute the most to global oil demand growth by 2030, adding 1 million barrels per day (bpd).
IEA stated that global oil demand is expected to increase by 2.5 million bpd by 2030, reaching around 105.5 million bpd.
India, which imports more than 95% of its oil, will see its crude oil demand rise from 5.64 million bpd in 2024 to 6.66 million bpd in 2030, the report added.
“India’s oil demand will increase by a steep 1 million bpd over the forecast period – more than any other country – in the wake of gross domestic product (GDP) expansion, at an average annual rate of 2.8%,” IEA stated.
It said the demand for industrial fuels such as gasoil, naphtha, and liquefied petroleum gas (LPG)/ethane is projected to grow annually by 3.3%, 2.0%, and 2.5%, respectively.
The report said that jet fuel and kerosene are forecast to see the highest annual growth at 6%.
It added that the increase is attributed to population growth of 5% between 2025 and 2030 and the expansion of the middle class.
India will continue to be the third-largest oil consumer and importer globally and is set to remain the fastest-growing major economy in 2025 for the fourth consecutive year.
The growth in petrochemical feed stocks is aligned with new projects, while LPG demand is supported by the adoption of clean cooking practices.
The agency said that the car fleet in India is projected to increase by 40% by 2030.
The growth in vehicle numbers is expected to exceed the impact of fuel efficiencies and the rise in electric vehicles, which are mainly seen in two- and three-wheeler segments.
