Jobaaj Stories
India is emerging as a global leader in oil demand growth, overtaking China as the most significant growth market. The key driver behind India's emergence as the leader in population growth and consumption trends.
The experts predict China to experience a decline in demand growth as it rebounds from years of COVID restrictions. The peak in Chinese oil consumption might occur around 2030, signalling the end of the boom times.
Industry insiders predict that China's role as a global oil demand growth engine is fading fast, with its share of total emerging market oil demand growth expected to slip to 15% from almost 50%.
In contrast, India's share is set to double to 24%. While India's ambitions to transition to greener energy options are lofty, the nation lags behind other major countries, meaning its reliance on fossil fuels is likely to endure for much longer.
Despite bureaucracy slowing down the transition to the top spot, India's fast-growing crude appetite will position it as an attractive opportunity for overseas traders and producers in the longer term.
On the other hand, China's adoption of electric vehicles has been rapid, with EV sales nearly doubling to 6.1 million units in 2022 compared to 48,000 vehicles in India during the same period.
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