India’s oil demand to rise 50% by 2030

According to projections by the International Energy Agency (IEA), India's oil consumption is set to experience a significant increase over the next few decades. From a level of 4.8 million barrels per day (mbd) recorded in 2019, the IEA anticipates a rise to 7.2 mbd by 2030, eventually reaching 9.2 mbd by 2050. These forecasts, based on the IEA's primary scenario which takes into account current stated policies, underscore the enduring importance of oil in India's economic landscape well into the future.

This projection by the IEA presents a contrasting view to the forecast made by BP last year. BP had estimated that India's oil demand would reach its peak in 2025, suggesting a much earlier plateau than the IEA's projection. The discrepancy between these forecasts highlights the complexities and uncertainties involved in predicting energy consumption trends, particularly in a rapidly developing and populous nation like India.

The IEA's projection is significant as it indicates that, despite global shifts towards renewable energy and sustainability efforts, oil is expected to remain a central component of India's energy consumption. This continued reliance on oil over the next thirty years suggests that factors such as economic growth, industrial development, and transportation needs will continue to drive India's oil demand upwards, diverging from the earlier peak-demand scenario suggested by BP. This trend has broader implications for global oil markets and environmental policies, especially in the context of balancing economic development with sustainable energy practices.

Source: The Economic Times