India’s oil demand: The world’s third largest oil consumer and importing country India will lead global oil demand to increase due to its spectacular economic growth and 10 lakh barrel oil will increase per day. In a report released on Tuesday, the International Energy Agency (IEA) said that the global oil demand is expected to increase by 2.5 million barrels per day (BPD) by the end of this decade. In this way, the total demand for oil will increase to 10.55 crore BPD by 2030. Except for any major disruption in the crude oil market, a good supply is expected to remain by the end of this decade.Also Read: Iran and Israel stress increased oil prices
Demand will increase to 66.6 lakh BPD in 2030: The Global Energy Monitoring Institution IEA estimates that the demand for crude oil in India will increase to 66.6 lakh BPD in 2030, which was 56.4 lakh BPD in 2024. India meets 95 percent of its oil needs only through imports. According to the statement, India’s oil demand will increase to 10 lakh BPD during the forecast period. This is much higher than any other country. Given the great GDP growth, the average annual rate will be 2.8 percent.Also Read: Iran retaliated on Israel, ‘Pentagon of Israel’ in Tel Aviv with hypersonic missiles
The world’s largest oil consumer demand in America can reach the peak of 2.04 crore BPD in 2025, after which a decline can begin, which can come up to 2 crore BPD in 2030. The second major oil consumer country is estimated to be 1.69 million BPD in the country to reach the peak in 2027. After this it will start declining and in 2030 it will reach 1.66 crore BPD. (Language)
Edited by: Ravindra Gupta
