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India set to surpass China in need for oil as growth paths diverge

With daily crude consumption triple that of China, traders and producers looking to tap into diminishing global demand growth will be betting on India into the next decade

Refinery, Oil refinery
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Bloomberg
A change is on the horizon for oil demand, with India set to eclipse China as the most important driver of global growth — and potentially the last, as the world shifts to a greener future.
 
A swelling population, which has likely already surpassed that of China, will help to underpin that growth along with consumption trends. India’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, whereas China’s adoption of electric vehicles is skyrocketing.

While India is unlikely to replicate the mammoth scale of China’s expansive oil network — the nation’s daily crude consumption is

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First Published: Mar 24 2023 | 12:11 PM IST

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