In 2023, India's oil consumption was 242.74 million metric tons. Forecasted data shows a steady increase, with projected values of 248.14 million metric tons in 2024, up to 270.26 million metric tons by 2028. This indicates a consistent year-on-year growth ranging from approximately 2% to 2.5%. Over this five-year period, the CAGR is expected to reflect a stable upward trend.
Future trends to watch include:
- Impact of government policies on renewable energy adoption.
- Economic growth and industrial demand fluctuations.
- Technological advances in energy efficiency.
- Potential geopolitical factors affecting oil supply and prices.
