India's Oil Demand Set to Surge: Outpacing Global Giants
India's oil demand is expected to grow rapidly, surpassing other major economies like China by 2025 and 2026, reports OPEC. Projected increases in transportation, manufacturing, and government support contribute to this growth. Despite higher global demand, India remains heavily reliant on oil imports with Russia as a primary supplier.
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India is projected to experience the fastest growth in oil demand among the world's major economies, doubling the rate of China's increase in the upcoming years, according to a report by OPEC. The country's demand is set to rise from 5.55 million barrels per day (bpd) in 2024 to 5.99 million bpd by 2026.
The Organization of the Petroleum Exporting Countries (OPEC) report highlights India's continued economic expansion, driven by mounting energy needs in manufacturing and transport sectors. Though China's demand growth lags at 1.25-1.5%, the US remains the largest oil consumer worldwide, with 20.5 million bpd projected in 2025.
OPEC forecasts a global oil demand increment of 1.3 million bpd by 2025 and 2026, maintaining its prior prediction. Meanwhile, India's heavy reliance on imports—more than 85% of its oil needs—shows Russian oil accounts for the largest portion. This growth is further supported by ongoing government initiatives and infrastructure development.
(With inputs from agencies.)
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