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%)

21 thoughts on “India will become main driver of oil demand growth by 2024”

  1. India needs to curb this now. Mass transit, EV and Hybrid vehicles. Any growth in demand will also be a growth in prices. And India is a very hot and humid place with a lot of its population living at sea level.

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  2. India needs to curb this now. Mass transit EV and Hybrid vehicles. Any growth in demand will also be a growth in prices. And India is a very hot and humid place with a lot of its population living at sea level.

    Reply
  3. We might have to adopt a policy of always referring to what article our comments are in. india-will-become-main-driver-of-oil-demand-growth-by-2024

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  4. We might have to adopt a policy of always referring to what article our comments are in.india-will-become-main-driver-of-oil-demand-growth-by-2024

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  5. I’d naturally argue for Fischer-Tropsch coal-to-oil conversion. Nukes could be used to generate India’s electricity and provide the power and hydrogen to run the synfuel plants.

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  6. I’d naturally argue for Fischer-Tropsch coal-to-oil conversion. Nukes could be used to generate India’s electricity and provide the power and hydrogen to run the synfuel plants.

    Reply
  7. I’d naturally argue for Fischer-Tropsch coal-to-oil conversion. Nukes could be used to generate India’s electricity and provide the power and hydrogen to run the synfuel plants.

    Reply
  8. India needs to curb this now. Mass transit, EV and Hybrid vehicles. Any growth in demand will also be a growth in prices. And India is a very hot and humid place with a lot of its population living at sea level.

    Reply

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