https://sputniknews.in/20240207/iea-forecasts-india-as-primary-contributor-to-global-oil-demand-surge-by-2030-6471106.html
IEA Forecasts India as Primary Contributor to Global Oil Demand Surge by 2030
IEA Forecasts India as Primary Contributor to Global Oil Demand Surge by 2030
Sputnik India
The International Energy Agency (IEA) underscores the favorable situation of India's oil marketing companies (OMCs), which have benefited from lower prices of Russian crude oil and substantial inventory gains.
2024-02-07T17:59+0530
2024-02-07T17:59+0530
2024-02-07T17:59+0530
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India is set to become the main driver of global oil demand growth through 2030, driven by industrial expansion and the increasing affluence of a growing middle class interested in mobility and tourism, according to a report released Wednesday by the International Energy Agency (IEA).The report shows that India's oil demand is expected to grow by nearly 1.2 million barrels per day (mb/d), accounting for more than a third of the expected global increase of 3.2 mb/d, to reach 6.6 mb/d by 2030.India is poised to maintain its status as a major exporter of transportation fuels to markets in Asia and the Atlantic Basin, the agency said. The forecast shows that the addition of new refining capacity will contribute to a surge in product supply to global markets, reaching 1.4 million barrels per day (mb/d) by the middle of the decade. However, this figure is expected to decline slightly to 1.2 mb/d by 2030, assuming stable domestic demand."Over the next seven years, 1 mb/d of new refinery distillation capacity will be added—more than any other country in the world outside of China," the IEA added.
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india, global oil demand, industrial expansion, international energy agency (iea), india's oil demand, global increase, robust domestic demand, india's jet-kerosene demand, gasoline, electrification initiatives, oil consumption, energy-intensive, transportation fuels, asia, atlantic basin, global markets, india's oil marketing companies (omcs), russian crude, china
india, global oil demand, industrial expansion, international energy agency (iea), india's oil demand, global increase, robust domestic demand, india's jet-kerosene demand, gasoline, electrification initiatives, oil consumption, energy-intensive, transportation fuels, asia, atlantic basin, global markets, india's oil marketing companies (omcs), russian crude, china
IEA Forecasts India as Primary Contributor to Global Oil Demand Surge by 2030
The International Energy Agency (IEA) underscores the favorable situation of India's oil marketing companies (OMCs), which have benefited from lower prices of Russian crude oil and substantial inventory gains.
India is set to become the main driver of global oil demand growth through 2030, driven by industrial expansion and the increasing affluence of a growing middle class interested in mobility and tourism, according to a report released Wednesday by the International Energy Agency (IEA).
The report shows that
India's oil demand is expected to grow by
nearly 1.2 million barrels per day (mb/d), accounting for more than a third of the expected global increase of 3.2 mb/d, to reach 6.6 mb/d by 2030.
Driven by robust domestic demand, the IEA highlighted that India's jet kerosene demand is expected to grow significantly, averaging around 5.9% per annum, while gasoline is expected to grow by an average of 0.7%, driven by electrification initiatives.
The IEA emphasised that as consumers become more affluent, they are more likely to invest in energy-intensive items such as cars and household appliances.
India is
poised to maintain its status as a major exporter of transportation fuels to markets in Asia and the Atlantic Basin, the agency said. The forecast shows that the addition of new refining capacity will contribute to a surge in product supply to
global markets, reaching 1.4 million barrels per day (mb/d) by the middle of the decade. However, this figure is expected to decline slightly to 1.2 mb/d by 2030, assuming stable domestic demand.
The report highlights the advantageous position of India's oil marketing companies (OMCs), which have benefited from discounted Russian crude and substantial inventory gains. These factors have helped to offset the impact of unchanged retail petrol and diesel prices.
"Over the next seven years, 1 mb/d of
new refinery distillation capacity will be added—more than any other country in the world outside of China," the IEA added.
