Global oil importance wanes, but it remains key to India's economic growth

India may contribute around 8% to global GDP growth in 2024 while accounting for over 22%of global oil demand growth

The outcome was surprising. India was not supposed to overtake China for another few years. Earlier this month, two of the three leading global energy forecasters, whose reports are closely watched by traders, producers and investors, predicted that India will be the largest pillar of global oil demand in 2024.

Fuel consumption may be wobbling this year from a weak global economy, notably China’s, and the onslaught of electric vehicles. But the role of oil as a driver of global economic growth appears to be shrinking. Fuels are becoming less of a factor in directly boosting gross domestic