India Oil Demand: Due to rapid economic growth and prosperous middle class, oil demand will be highest in India by 2030!

India Oil Demand: Due to rapid economic growth and prosperous middle class, oil demand will be highest in India by 2030!

India Oil Demand: Due to rapid economic growth, India will see the highest demand for crude oil in the world by 2030. Due to urbanization, industrialization and growing middle class, oil demand is going to be highest in India. International Energy Agency has said these things in its report. 

International Energy Agency (IEA) has released this latest report named Indian Oil Market Outlook to 2030 in the ongoing Indian Energy Week 2024 in Goa. According to this report, India will see the highest growth in oil demand from present till 2030. At the same time, the pace of oil demand in developed economies and China is going to slow down. 

According to the report, due to the strong growth in the Indian economy, changes in population and demographics, India is going to have the biggest role in the global oil markets in the remaining time of this decade. According to the International Energy Agency, India may see a rise in oil demand due to increasing urbanization, industrialization along with an emerging rich middle class eager for mobility and tourism as well as greater demand for clean fuel for cooking. 

India is on track to achieve oil demand of 1.2 million barrels per day, which is one-third of global demand of 3.2 million barrels per day, which could rise to 6.6 million barrels by 2030. According to the report, due to large-scale industrial expansion, diesel gas is going to be the most important source of oil demand due to the strong demand for oil, which can account for almost half of the increase in country's oil demand and one-sixth of the increase in total global oil demand by 2030. . 

The report said that Indian oil companies are going to invest heavily in refining capacity keeping in mind the increase in domestic demand. These companies are going to add 1 million barrels per day of new refining capacity in the next 7 years.  

Also read 

One Nation One Income Tax: Will One Nation One Income Tax be implemented in the country after GST? Finance Minister Sitharaman gave this answer

Get more latest business news updates

Scroll to Top