India Poised To Become Largest Driver Of Oil Consumption

By John Kemp, founder of jkempenergy.com

India is set to replace China as the largest driver of growing oil consumption for the rest of the decade - with a young, fast-growing population, rising incomes, and increasing car ownership boosting transport demand.

India’s annual oil consumption increased by 136 million tonnes between 2003 and 2023, accounting for 17% of the worldwide increase over the period, second only to China on 60%.