About this report
Healthy economic expansion, combined with dynamic population growth, urbanization and industrialization, will see India’s role in global oil markets increase rapidly by 2030, with significant implications for its balance sheets. oil trade, its climate ambitions and its energy security objectives. As energy transitions accelerate and China’s economy shifts to a less energy-intensive phase, India will become the world’s largest source of oil demand growth this decade. Over our 2023-2030 forecast period, India accounts for more than a third of global oil demand growth.
THE Report takes an in-depth look at how India’s role in the global oil market could evolve through 2030. It examines investment plans for the refining and petrochemical industry and how these developments could impact trade Indian net of crude and products. THE Report examines energy transition trends that may affect oil demand in different sectors and how these changes could impact the country’s energy security.
THE Report extends and updates the forecast horizon for India from the 2023 Medium Term Oil Market Report released in June 2023. Projected levels of oil demand in 2030 are lower than those projected for India in the declared policies scenario of the World Energy Outlook 2023 (WEO -2023), which was released in October 2023 and reflects the policy settings of governments around the world, but they are higher than those in the declared commitments scenario of the WEO- 2023, which charts the path to achieving national energy and climate goals for all countries, such as India’s commitment to achieve net zero emissions by 2070. Reports The analysis highlights the significant structural changes underway in the Indian energy sector and the need for India, as in other countries, to accelerate the pace of change to get on track to achieve the goals on energy and climate and the objective of the Paris Agreement to limit global warming to 1.5°C.
