IEA names future leader in oil demand growth
Economy
India may become the world leader in oil demand by 2027, despite the decline in production of raw materials in the country. In this regard, India will have to actively develop oil imports.
Keisuke Sadamori, Director of the Office for Energy Markets of the International Energy Agency (IEA), said that the increase in oil demand in India by 2027 will exceed that of China.
China is currently the leader in oil demand growth, but this will change in favour of India in the next six years. The IEA forecasts that India will overtake China as a source of oil demand growth.
In 2023, India and China were the largest importers of Russian oil. India's share was 40 per cent and China's 45-50 per cent of total exports, as claimed by Deputy Prime Minister Alexander Novak. At the same time, supplies to Europe dropped significantly from 40-45% to 4-5%.
China is currently the leader in oil demand growth, but this will change in favour of India in the next six years. The IEA forecasts that India will overtake China as a source of oil demand growth.
In 2023, India and China were the largest importers of Russian oil. India's share was 40 per cent and China's 45-50 per cent of total exports, as claimed by Deputy Prime Minister Alexander Novak. At the same time, supplies to Europe dropped significantly from 40-45% to 4-5%.
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