Archive · 22 May 2025
India to Lead Oil Demand Growth, Surpassing China, Says Moody's
According to a report, India's need for oil is expected to grow faster than China's in the next 10 years.
This is happening because China's economy is slowing down and people are using more electric cars.
India plans to build more oil refineries, while China's refineries are already at their limit.
China's companies have an edge because they are investing in oil exploration and production.
India also wants to use more natural gas, aiming for it to make up 15% of its energy by 2030.
India is expected to surpass China in oil demand growth over the next decade.
China's oil demand growth is slowing due to economic factors and the rise of new energy vehicles.
India aims to increase refining capacity, while China's is near its capacity limit.
China's NOCs have an advantage due to investments in exploration and downstream sectors.
India aims to increase natural gas use to 15% of its energy mix by 2030.
- Who
- Moody's Ratings
- What
- India is projected to have faster oil demand growth than China.
- When
- Over the next decade
- Where
- China and India
- Why
- Driven by India's economic growth and infrastructure investments.
- India's Expected Annual Oil Demand Growth
- 3-5% per year
- China's Oil Demand Peak (around 2030)
- 800 million tonnes
- India's Target Refining Capacity by 2030
- 309.5 mmtpa
- India's Natural Gas Goal in Energy Mix by 2030
- 15%
- India's Crude Oil Import Reliance
- 90%
