RoydadNaft –  The International Energy Agency (IEA) in its latest report has forecast a 50 per cent rise in India’s oil demand as against global expansion of 7 per cent.

India’s oil consumption is forecast to rise from 4.8 million barrels per day (mbd) in 2019 to 7.2 mbd in 2030 and 9.2 mbd in 2050, as per the IEA’s key scenario based on stated policies. Under these stated policies of IEA, the global oil demand will peak in 2030 at 103 mbd and will remain unchanged until 2050. This projection yet again shows the centrality of oil in the Indian economy over the next three decades. Last year BP had forecasted that the country’s oil demand will peak in 2025.

India’s natural gas demand is projected to double to 133 billion cubic meters in 2030 from 64 BCM in 2019 as against a 12% rise in global gas demand. India is slated remain the third-largest oil consumer in 2030, as it is today, behind the US and China.

Indian refining capacity is projected to expand 30% to 6.9 mbd by 2030 while the global capacity is expected to increase just 3%. The refining capacity is expected to contract in North America, Europe, Russia, Japan and Korea but will expand in China, Middle East, and Africa, as per IEA’s projections.