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India Set to Dominate Global Oil Demand Growth Through 2035 – IEA

The International Energy Agency (IEA) projects India to become the epicenter of global oil demand growth in the coming decade. India's daily oil consumption is expected to increase from 5.50 million barrels in 2024 to 8.00 million barrels by 2035, the largest growth globally. 

Oil import dependency is forecasted to rise from 87% to 92% by 2035, while refining capacity is set to increase by 1.50 million barrels per day. Natural gas demand is predicted to double to 140 billion m³ by 2035, with LNG imports reaching 50 billion m³. Despite progress in renewable energy, with 60% of installed capacity projected to be from renewables by 2030, India faces challenges in balancing economic growth, energy security, and environmental commitments.

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