Global oil demand growth will be led by India, the World's third-largest oil-consuming and importing nation, by a large margin, with a steep addition of 1 million barrels per day by 2030 on the back of stellar economic expansions; it was said by IEA on Tuesday. By the end of the decade, a growth of 2.5 million barrels a day in global oil demand is expected, reaching a plateau near 105.5 million barrels per day (bpd) by 2030, as stated in the latest report released by the International Energy Agency (IEA) on Tuesday.
Barring any major disruption to the oil market, it is expected that the world will remain well supplied through the end of the decade, according to the global energy watchdog, though it is noted that rising geopolitical risks in the Middle East and unresolved trade tensions could cast a shadow over the outlook. India's need for crude oil, which refineries transform into fuels like gasoline and diesel, is expected to increase from 5.64 million barrels per day in 2024 to 6.66 million barrels per day in 2030, according to IEA forecasts. Due to a decline in domestic production, the nation imports more than 95% of its oil needs.
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"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 stellar GDP expansion, at an average annual rate of 2.8 per cent," it said.
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