India Predicted to Lead Global Oil Demand Surge by 2030, IEA Report Reveals
A report released at India Energy Week 2024 by the International Energy Agency (IEA) forecasts India as the primary driver of global oil demand growth until 2030. The surge is attributed to urbanization, industrialization, and rising middle-class prosperity.
India's economic expansion, population growth, and demographic shifts are set to propel its role in global oil markets significantly. The report projects India's oil demand to increase by almost 1.2 mb/d, accounting for over a third of the anticipated 3.2 mb/d global rise, reaching 6.6 mb/d by 2030. Furthermore, the study emphasizes India's focus on clean cooking initiatives, leading to a substantial surge in LPG imports.
The event also highlights India's emphasis on startups and energy transition goals.
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