New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    According to the report ‘Oil 2023’ by the

    International Energy Agency, the growth in demand for oil in India will overtake that in China by ______.
    A 2025 Correct Answer Incorrect Answer
    B 2027 Correct Answer Incorrect Answer
    C 2029 Correct Answer Incorrect Answer
    D 2031 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    According 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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