In 2023, India's oil consumption stood at 5.33 million barrels per day. Forecasts indicate a steady increase; 2024 consumption is expected at 5.44 million barrels, rising to 5.93 million barrels by 2028. The projected year-on-year growth rates are approximately 2.21%, 2.34%, 2.11%, and 2.07% from 2024 to 2028 respectively, with a compound annual growth rate (CAGR) over the five-year period of 2.2%.
Future trends to watch include:
• Shifts towards renewable energy potentially impacting oil demand.
• Economic growth influencing consumption patterns.
• Policy changes regarding energy efficiency and sustainability.
