The Strategist

IEA: India to become main source of oil demand growth by 2030

02/08/2024 - 05:26

Refining will increase to 6.8 million bpd and oil production would drop to 540 thousand bpd in India by 2030, according to an International Energy Agency presentation made at Indian Energy Week.

With roughly 700 thousand barrels per day of production, India only supplied 13% of the country's oil needs in 2023, according to IEA Oil Markets Division chief Toril Bosoni.

The IEA notes that production will drop until 2030 since the country's ability to boost production capacity is constrained by the lack of significant discoveries. The presentation indicates that India will invest less than $3 billion in field development in 2021 and more than $4 billion in 2023–2024, with a peak of approximately $3.5 billion in 2022 and less than $3 billion in 2021.

Nonetheless, the IEA observes that attempts are being made by the authorities to draw in foreign capital for exploration.

Indian energy corporations intend to boost their refining capacity by 1 million barrels per day, reaching 6.8 million barrels per day by 2030. This will increase the nation's reliance on oil imports but will enable it to meet its domestic demands and keep its position as a major fuel exporter to Asia and the Atlantic region.



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