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Date: 25/06/2024

India seen driving oil demand growth till 2030: IEA

India is expected to drive major oil demand till 2030 because of its transport fuel needs, which throws a cloud over the country’s energy transition trajectory, according to the International Energy Agency’s (IEA) new medium-term forecast report titled ‘Oil 2024’. It also predicts that India and China, the major oil consumers, will reach their peak demand and their economies’ expansion will start to slow by 2027. The report also cautions oil producers like the US and the Organization of Petroleum Exporting Countries (OPEC) that there will be consequences given the challenge of the spare capacity flagged by the IEA. Increase in supply will mainly be fuelled by production in the US and other countries in the Americas including Brazil, Argentina and Canada, said a report.

Source: Exim News Service: Paris, June 24