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India's Oil demand 2030
February 13 , 2024
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- India’s crude oil demand growth is expected to overtake China’s by 2027.
- India's oil demand is expected to grow at a remarkable 3.7% average annual rate through 2030.
- It is significantly surpassing the global average of 1.1%.
- Its domestic production is projected to decrease by 22 per cent.
- But its oil demand increases of almost 1.2 million barrels per day (bpd) between 2023 and 2030.
- India currently has a strategic crude oil reserve capacity of 5.33 million tonnes spread across three locations.
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