According to IEA, India's oil production would decrease while its oil demand will rise significantly.
psuwatch.com
India
08-02-2024
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The International Energy Agency (IEA) released a new report at India Energy Week (IEW) 2024 in Quitol, Goa. The report states that while India's domestic oil production is expected to decline despite investments, the country will see continued growth in oil demand between now and 2030, assuming the position of the world's largest source of global oil demand growth. In order to fulfill the increased demand, India will therefore need to purchase more oil, which will have an impact on its energy security.
“As energy transitions gather pace and China’s economy shifts gear towards a less energy-intensive phase, India will assume the position as the world’s largest source of oil demand growth this decade. In our 2023-2030 forecast period, India accounts for more than one-third of global oil demand growth,” said the IEW oil report on India.
“India’s role in global oil markets is expected to expand substantially over the remainder of the decade, fuelled by strong growth in its economy, population and demographics,” the report said.