NEW DELHI: India will surpass China as the main driver of global oil demand growth by 2027 as consumption expands in fast-growing developing economies and contracts in the developed world, the International Energy Agency said in its latest medium-term forecast on Wednesday.
The forecast for 2022-28 projects three-quarters of the increase in demand during the forecast period coming from Asia. This starts with China’s reopening and subsequently being “more permanently underpinned by India as it consolidates its status as the world’s fastest-growing major economy.”
But at the same time, the forecasts global oil demand growth slowing almost to a halt in the coming years as high prices and concerns over supply security hasten the transition to cleaner energy technologies.
