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Start learning 50% faster. Sign in nowAccording to the report ‘Oil 2023’ by the International Energy Agency, the growth in demand for oil in India will overtake that in China by 2027. As per the data shown by the report, China’s demand will fall consistently from 2024 after a massive rise this year. The United States, China, and India are the world’s three largest oil consumers in that order. IEA raised its forecast for world oil growth demand to 2.4 million barrels per day in 2023. India’s oil demand is expected to grow by 1 million barrels per day (b/d) by 2028 while growth in Chinese oil demand to shrink from 2024 onwards. Meanwhile global oil demand at 102 million b/d in 2023 & overall global oil demand growth to peak in 2028 at 105 million b/d.
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