According to the latest report published by the International Energy Agency (IEA) on Friday, India’s oil demand growth is likely to outpace China’s by mid-2020s.
Key Findings:
“India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East.
China’s demand is likely to be slighlty lower than that of India by the mid-2020s.
India’s oil demand growth will overtake china’s in mid-2020.
Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices.
India needs to add more strategic petroleum reserves to enhance energy security.”
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