Archive · 17 Jun 2025
IEA: India to Drive Global Oil Demand Growth by 2030
The IEA says India will need much more oil in the next few years.
They predict India's oil use will increase by a significant amount, about 1 million barrels per day, by 2030.
This is because India's economy is growing quickly, leading to more cars, flights, and industry needing oil.
While global oil demand will increase overall, India's growth will be the most significant.
Fuels for transport and industry will see the biggest jumps.
IEA projects India will lead global oil demand growth, adding 1 million bpd by 2030.
Global oil demand is expected to reach approximately 105.5 million bpd by 2030.
India's crude oil demand is forecast to rise from 5.64 million bpd in 2024 to 6.66 million bpd in 2030.
Industrial fuels demand is projected to grow at 3.3%, 2.0%, and 2.5% annually.
Jet fuel and kerosene demand is expected to see the highest annual growth at nearly 6%.
- Who
- International Energy Agency (IEA).
- What
- IEA projects India will lead global oil demand growth by 2030.
- When
- By 2030.
- Where
- Global, with a focus on India.
- Why
- Driven by India's economic expansion.
Economic Growth
Potential Concerns
Demand Drivers
Economic Growth
India's GDP expansion and population growth fuels increased oil demand.
Potential Concerns
None explicitly stated.
- Source
- International Energy Agency (IEA)
- India's 2024 Oil Demand
- 5.64 million bpd
- India's 2030 Oil Demand
- 6.66 million bpd
- Global Oil Demand 2030
- 105.5 million bpd
- Main Drivers
- Transport, Industrial Fuels
Sources
India may be sitting on an oil jackpot in Andaman Sea that could transform its economy: Report
India has several Guyana-sized energy reserves in Andamans: Hardeep Puri
Deep-Sea Oil Push Gains Momentum, Hardeep Puri Hints At India’s ‘Guyana Moment’ In Andamans
India on cusp of major oil discovery? Hardeep Puri says seeing promising signs, Andaman holds potential of 'several Guyanas'
India To Drive Global Oil Demand Growth By 2030: IEA
