India to lead global oil demand growth, add 1 mn barrels/day by 2030

India, the world's third-largest oil-consuming and importing nation, will lead global oil demand growth by a large margin, adding a steep 1 million barrels per day by 2030 on the back of stellar economic expansion, International Energy Agency (IEA) said in its report released on Tuesday.

- PTI

The global oil demand is expected to grow by 2.5 million barrels a day by the end of the decade, reaching a plateau near 105.5 million barrels per day (bpd) by 2030, the IEA said.

Barring any major disruption to the oil market, the world is expected to remain well supplied through the end of the decade, the global energy watchdog said, though rising geopolitical risks in the Middle East and unresolved trade tensions could cast a shadow over the outlook.

IEA forecasts India's demand for crude oil, which is converted into fuels such as petrol and diesel in refineries, to rise from 5.64 million bpd in 2024 to 6.66 million bpd in 2030.

The country meets over 95% of its oil needs through imports as domestic production is declining.