India to become largest global oil demand growth driver by 2030: IEA

The International Energy Agency (IEA) expects India to become the largest driver of global oil demand growth by 2030, thanks to industrial expansion and strong growth in its economy, population, and demographics.

India's demand will likely rise from 5.5 million barrels per day (bpd) in 2023 to 6.6 million bpd in 2030, the agency stated in a report issued today, Feb. 7.

Moreover, India is on track to increase oil demand by about 1.2 million bpd, accounting for more than a third of the projected global demand growth of 3.2 million bpd by 2030.

To meet this demand, India is expected to add 1 million bpd to its new refining capacity over a seven-year period, bringing crude imports to 5.8 million bpd by 2030.