India will become main driver of oil demand growth by 2024

India is predicted to overtake China as the biggest source of growth for oil demand by 2024, according to research and consultancy group Wood Mackenzie.

India’s oil demand is set to increase by 3.5 billion barrels per day from 2017 to 2035, which will account for a third of global oil demand growth.

In 2017, China became the world’s biggest importer of crude oil. China is predicted to see a decline in oil demand growth from 2024 to 2035.

Oil Imports by country in 2017

1. China: US$162.2 billion (18.6% of total crude oil imports)
2. United States: $139.1 billion (15.9%)
3. Japan: $63.7 billion (7.3%)
4. India: $60.2 billion (6.9%)
5. South Korea: $59.6 billion (6.8%)
6. Netherlands: $37.4 billion (4.3%)
7. Germany: $36.2 billion (4.1%)
8. Italy: $26.1 billion (3%)
9. Spain: $25.7 billion (2.9%)
10. France: $23.8 billion (2.7%)

logo

Don’t miss the latest future news

Subscribe and get a FREE Ebook
Tags: , ,