A report by S&P Global Commodity Insights suggests that India and Africa will be the primary drivers behind a peak global crude oil demand of 112 million barrels per day in 2030. This represents an 8.73% increase from the current daily demand of 103 million barrels.
The anticipated surge in demand is attributed to projected economic growth and rising industrial activity in both regions. For instance, India’s peak demand is expected to reach 7.2 million barrels per day in 2040, compared to its current consumption of 5.2 million barrels. This rise is linked to factors like increased adoption of clean cooking methods, growing vehicle usage, and the establishment of new refineries.
While this report highlights the significant role India and Africa will play in global oil demand, it’s essential to acknowledge ongoing efforts towards cleaner energy sources. Many countries are actively investing in renewable alternatives, pushing for a transition away from fossil fuels. Therefore, the projected peak in 2030 might not hold true if these transition efforts gain significant momentum.
https://timesofindia.indiatimes.com/business/india-business/india-africa-to-be-major-contributors-to-112-million-barrel/day-of-peak-global-crude-oil-demand-in-2030-sp/articleshow/105625843.cms
India, Africa to be major contribution 112 million barrel/day of peak global crude oil demand in ..
