The International Energy Agency predicted on Wednesday that India will become the primary driver of growth in the global oil market by 2030, driven by increased industrial activity and rapid economic growth.
The agency estimates that India’s oil demand will reach 6.6 million barrels per day by 2030, up from 5.5 million barrels per day in 2023.
A senior official at the agency remarked, “India is expected to lead global oil demand growth until 2030 and will also surpass China as a source of oil demand growth.”
Despite efforts to increase investment, India’s domestic oil production is projected to continue declining. According to the agency’s estimates, India’s total oil production will reach approximately 540,000 barrels per day by 2030, down from 600,000 barrels in 2022-2024.