NEW DELHI: A change is on the horizon for oil demand, with India set to eclipse China as the most important driver of global growth — and potentially the last, as the world shifts to a greener future.
A swelling population, which has likely already surpassed that of China, will help to underpin that growth along with consumption trends. India’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, whereas China’s adoption of electric vehicles is skyrocketing.
While India is unlikely to replicate the mammoth scale of China’s expansive oil network — the nation’s daily crude consumption is triple that of its neighbor — traders and producers looking to tap into diminishing global demand growth will be betting on the South Asian nation into the next decade.
