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India to Lead World in Fuel Demand Growth - IEA

India, the world's third biggest oil importer and consumer, will in the second half of the decade become the driver of global oil demand, the International Energy Agency (IEA) said, forecasting rise in consumption by a massive 1.3 million barrels between 2023 and 2030. In its Oil 2024 Report, the Paris-based energy watchdog said India's oil demand is forecast to grow more than any country's other than China between 2023 and 2030.


India's oil demand is projected to rise from 5.4 million barrels per day (bpd) in 2023 to 6.7 million bpd by 2030, a growth of 3.2 per cent or 1.3 million bpd.


"Unusually, in a global context, an increase of more than 1.3 million bpd will be dominated by rising demand for road transport fuels, with a comparatively small role for petrochemical feedstock and underlying growth comfortably outpacing deployment of clean energy technologies.


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