Shafaq News/ The International Energy Agency (IEA) indicated on Wednesday that India is poised to become the primary engine of growth in the global oil market by 2030, attributed to increased industrial activity and the rapid expansion of its economy.
The agency anticipates India's oil demand to reach 6.6 million barrels per day (bpd) by 2030, up from 5.5 million barrels per day in 2023.
An EIA senior official stated, "India is expected to lead global oil demand growth until 2030, surpassing China as a source of oil demand growth."
Officials at the International Energy Agency noted that despite efforts to boost investment, domestic oil production in India is expected to continue declining. According to the agency's estimates, India's total oil production is projected to be around 540,000 barrels per day by 2030, compared to 600,000 barrels per day in 2022-2024.