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India has emerged as leading source of growth in global oil consumption says EIA

20-Dec-24 12:57 Hrs IST

The Energy Information Administration or EIA has stated in a latest update that India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year. China's oil consumption grew by more than India's in almost every year from 1998 through 2023, with China's oil consumption regularly growing more than any other country during those years. Over 2024 and 2025, India accounts for 25% of total oil consumption growth globally. EIA expects an increase of 0.9 million barrels per day (b/d) in global consumption of liquid fuels in 2024. It expects even more growth next year, with global oil consumption increasing by 1.3 million b/d. Driven by rising demand for transportation fuels and fuels for home cooking, consumption of liquid fuels in India is forecast to increase by 220,000 b/d in 2024 and by 330,000 b/d in 2025. That growth is the most of any country in EIA's forecast in each of the years.