India’s oil demand to rise 50% by 2030 against global expansion of 7%: Report

India’s oil demand will rise 50% by 2030 as against a global expansion of 7%, the International Energy Agency (IEA) has forecast in its latest report.

India’s oil consumption is forecast to rise from 4.8 million barrels per day (mbd) in 2019 to 7.2 mbd in 2030 and 9.2 mbd in 2050, as per the IEA’s key scenario based on stated policies. The projection shows the centrality of oil in the Indian economy over the next three decades and runs counter to BP’s forecast last year that estimated the country’s oil demand to peak in 2025.

Under the IEA’s stated policies scenario, the global oil demand will peak in 2030 at 103 mbd and stay unchanged until 2050.