Indian Oil MarketOutlook to 2030 Indian Oil MarketOutlook to 2030 IEA member countries: Australia Austria BelgiumCanadaCzech Republic DenmarkEstoniaFinland France Germany Greece HungaryIreland ItalyJapanKoreaLithuania Luxembourg Mexico Netherlands New Zealand NorwayPoland Portugal Slovak Republic Spain Sweden Switzerland Republic of Türkiye United Kingdom United StatesThe European Commission also participates in the work of the IEAIEA association countries:Argentina BrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingapore South Africa Thailand UkraineINTERNATIONAL ENERGYAGENCYThe IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 31 member countries, 13 association countries and beyond. This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.Source: IEA. International Energy Agency Website: www.iea.orgIndia Oil Market Report Abstract PAGE | 3 I EA. CC BY 4.0. Abstract Healthy economic expansion, combined with dynamic population, urbanisation and industrialisation growth, will see India’s role in global oil markets rapidly increase towards 2030, with significant implications for its oil trade balances, climate ambitions and energy security goals. As energy transitions gather pace and China’s economy shifts gear towards a less energy-intensive phase, India will assume the position as the world’s largest source of oil demand growth this decade. In our 2023-2030 forecast period, India accounts for more than one-third of global oil demand growth. The Report looks in-depth at how India’s role on the global oil market may evolve over the period through to 2030. It examines investment plans for the refining and petrochemical industry and how these developments may impact Indian crude and product net trade. The Report looks at energy transition trends that may affect the demand for oil in different sectors and how these changes could impact the country’s energy security. The Report extends and updates the forecast horizon for India from the Oil 2023 medium-term market report published in June 2023. The forecast levels of oil demand in 2030 are lower than those projected for India in the Stated Policies Scenario from the World Energy Outlook 2023 (WEO-2023), which was published in October 2023 and reflects the policy settings of governments worldwide, but they are above those in the WEO-2023’s Announced Pledges Scenario, which maps out a pathway to meeting all countries’ national energy and climate ...
