IEA: Global Oil Demand Growth in 2024 to be Led by India

SEATTLE (Scrap Monster): According to the most recent report from the International Energy Agency (IEA), India is predicted to overtake China as the country with the greatest rise in oil demand globally in 2024. It projects that throughout the current year, India's demand will rise by 200,000 barrels per day.

In July this year, India emerged as the top buyer of Russian oil, pushing China to a second spot. The country is the world’s third-largest oil importer and consumer. Nearly 80% of its overall oil demands are met by imports.

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The oil consumption in the country recorded a sharp decline in August this year, recording a fall of 300,000 barrels per day. The gasoil consumption also recorded negative year-on-year growth. Despite this, the IEA projects that in 2024, the nation will record the biggest rise in oil consumption globally. In addition, the IEA projected that oil demand will rise by 230,000 barrels per day by 2025.

On the other hand, July saw a drop in Chinese oil consumption for the fourth consecutive month. The country's economy is predicted to slow down in 2024, and there will be a greater reliance on alternative energy sources like electric vehicles, which would result in a mere 180,000 barrels of oil being consumed daily.

According to an IEA estimate, the world's oil demand is expected to reach a plateau by the end of this decade.