India's oil consumption experienced consistent growth from 2013 to 2019, peaking at 9.99 Exajoules in 2019. However, in 2020, the consumption dropped by 9.2% due to the COVID-19 pandemic, recovering slightly in 2021 by 1.92%. Oil consumption then rebounded robustly in 2022 with an 8.68% increase, standing at 10.29 Exajoules by 2023. The compound annual growth rate (CAGR) between 2018 and 2023 was 1.72%.
Future trends to watch for:
- Moderate annual growth post-2023, with the expected 5-year CAGR at 1.72%.
- Potential influence of policy shifts toward renewable energy and electric mobility on future oil consumption patterns.
- Economic recovery and industrial growth potentially driving higher oil demand.
