India To Be Main Driver Of Oil Demand After 2020

From The Times Of India

NEW DELHI: India would be the largest single source of growth in global oil demand after 2020, the Paris-based International Energy Agency (IEA) said on Wednesday.

The IEA’s annual World Energy Outlook said the centre of gravity of energy demand was switching decisively in favour of emerging economies, particularly China, India and the Middle East, which drive global energy use one-third higher.

“China dominates the picture within Asia, before India takes over from 2020 as the principal engine of growth… The shifting geography of demand is further underlined by India becoming the largest single source of global oil demand growth after 2020,” the IEA said.

India’s oil consumption would exceed 8 million barrels per day (mbpd) by 2035, which is more than the current consumption of Japan, Korea and Australia put together. Talking to reporters on the sidelines of the 8th Asia Gas Partnership Summit here, IEA head Maria van der Hoeven said India’s energy demand would double by 2035 on the back of economic growth and rise in population.

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