India's oil demand growth is expected to exceed China's for the first time in 2024, and continue in 2025.
India ’s oil demand growth is expected to exceed China ’s for the first time in 2024, and continue in 2025. According to Kang Wu, global head of macro and oil demand research at SPGCI, India ’s oil demand in the current year grew by 180,000 barrels per day, surpassing China ’s growth at 148,000 bpd. India ’s oil demand is expected to increase by 3.2% Y/Y in 2025 compared to a 1.7% clip by China .
“China’s role as a global oil demand growth engine is fading fast,’’ Emma Richards, senior analyst at London-based Fitch Solutions Ltd, has told The Times of India. According to the analyst, over the next decade, China’s share of emerging market oil demand growth will decline from nearly 50% to just 15% while India’s share will double to 24%. But it’s not just a dramatic slowdown in its economy that will make China a less important player in global oil markets.
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