China currently is the biggest driver of oil demand and India ranks second in growth. "As oil demand slows in developed countries and China, India becomes the largest source of growth," said Toril Bosoni, head of oil industry and markets division, IEA. Diesel, she said, accounts for about 50% of Indian gains and 20% of global demand growth to 2030. Oil demand to rise despite EV pushThe demand growth is despite the push for electric vehicles which make up for a small fraction of the automobiles on the road currently. The massive industrial expansion means that diesel is the single largest source of oil demand growth, accounting for almost half of the rise in the nation's demand and more than one-sixth of total global oil demand growth through 2030.

Source: The Hindu February 08, 2024 02:05 UTC