India set to be largest contributor to growth in oil demand in coming decade says IEA

International Energy Agency (IEA) has stated in its latest World Energy Outlook 2025 (WEO-2025) that India is the largest source of energy demand growth in the world in its Outlook. Energy demand increases by over 15 EJ by 2035 in the Stated Policies Scenario or STEPS, which is nearly as much as the demand growth in China and all Southeast Asian countries combined. India is the largest contributor to growth in oil demand in this period, the second-largest for electricity generation and coal demand growth, and third-largest natural gas demand growth.

Energy demand in India is being propelled by increasing economic activity. Between 2010 and 2024, its GDP growth rate was second only to that of China among major countries and regions. In the period to 2035, GDP grows on average by 6.1% each year in India, which is more than any other major country or region, and its GDP per capita is 75% higher in 2035 than today. India is currently well below the global average on a range of key energy and economy-wide indicators, but it has been moving towards them, and it continues to do so over the next decade. India adds the equivalent of one Bangalore every year to its urban population to 2035, and its built floor space expands by 40%. It also adds nearly 12000 cars to its roads every day, and well over 250 million air conditioners to its homes over the next decade.

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