By 2030, India is expected to be the primary source of increased oil consumption

January 24, 2024
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India is expected to surpass China as the main source of additional oil consumption before 2030, as the country’s petroleum consumption reached a new high last year.

Fuel use for cooking, lighting, transportation, and petrochemicals is rising quickly due to urbanization, industrialization, and middle class expansion. India’s transportation needs are still primarily served by internal combustion engines because they are more affordable there, but China’s transportation needs are increasingly being met by electric vehicles.

India’s oil consumption is predicted to rise until the 2030s, whereas China’s is predicted to peak before the decade ends and begin to decline.By 2030, India will have risen from its current position as the world’s second-largest driver of incremental consumption to the top.

The nation’s economic expansion will be the main factor influencing pricing and consumption worldwide and will be the subject of examination and projections.


Source: https://www.reuters.com/business/energy/india-become-main-driver-incremental-oil-use-by-2030-kemp-2024-01-23/

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