India will lead global oil consumption growth by 2030

India is projected to lead global oil consumption growth, driven by strong GDP growth above 6% annually. The country will continue to rely on fossil fuels, with oil demand expected to rise by 1.3 million barrels per day by 2030. The International Energy Agency forecasts India's total oil consumption will increase from 5.3 million barrels per day in 2023 to 7.1 million by 2030. This growth is fueled by India's expanding middle class and young population. Despite the rise of electric vehicles, which accounted for 18% of global car sales in 2023, oil demand is expected to remain stable. Global oil prices are projected to stay between USD 65 and USD 75 per barrel, supporting economic stability in the sector.