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According to IEA, the growth in demand for oil in Which Country will overtake that in China by 2027?
A)
Russia
B)
USA
C)
India
D)
Canada

Correct Answer :   India


The growth in demand for oil in India will overtake that in China by 2027, According to report by the International Energy Agency (IEA) on Wednesday (14th June 2023).

* 'Oil 2023', the multilateral agency’s outlook for the next 5 years, said China’s demand will fall consistently from 2024 after a massive rise this year (2023).

* The United States, China, and India are the world’s three largest oil consumers in that order.

* IEA raised its forecast for world oil growth demand to 2.4 million barrels per day in 2023, after the Chinese economy rebounded towards growth faster than expected. China will in 2023 account for nearly 60%  of global growth in oil demand.

* Later, slowing industrial growth and falling domestic consumption will reduce China’s demand.

* On the other hand, demand in India is expected to rise steadily. India consumed 222.30 million tonnes of petroleum products in 2022-23: 10.2% more year-on-year.

* Global crude output reached an estimated 82.3 million barrels per day till April 2023 due to record production runs in Asia..

Source : Business Standard

Published On : June 16, 2023
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