Phillip Capital: India to Drive Global Oil Consumption Growth

SEATTLE (Oil Monster): According to Phillip Capital's most recent research study, India is expected to become the primary force behind the expansion in global oil demand. According to the analysis, the world's oil production is also anticipated to expand faster than demand.

According to the investment and wealth management organization, India's energy demand would continue to rise as its GDP is expected to grow by more than 6% annually. According to the assessment, the nation will continue to rely significantly on oil and other fossil fuels to meet its growing energy demands.

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The International Energy Agency (IEA) predicted in a previous report that the nation's oil consumption will increase by 1.3 million barrels per day (mbpd) by 2030. Even more, 1.8 mbpd, is projected by the Organization of the Petroleum Exporting Countries (OPEC). They predict that by 2030, the nation's overall oil consumption will have increased from 5.3 mbpd in 2023 to around 7.1 mbpd.

By 2030, the IEA and OPEC predict that the world's oil supply capacity will have increased by about 6 mbpd to 113.8 mbpd. Nearly three-fourths of this rise will come from non-OPEC nations, with the United States, Brazil, Guyana, Canada, and Argentina being the main contributors.