India outpaces China in oil demand growth

OilPrice reports that India is cementing its status as one of the world's leading oil consumers, outpacing China in demand growth earlier than expected. 

According to OPEC’s monthly report, India’s crude consumption is expected to be up 3.4% and hit 5.74 million barrels per day in 2025. Next year, oil demand is forecast to rise by 4.3% to 5.99 million barrels per day. These are more than double the projected increases in China's crude demand—1.5% this year and 1.25% next year.  

The Energy Information Administration (EIA) estimates India’s share in global oil demand rise at 25% in 2025. The forecast is based on a significant expansion of the country's economy, OilPrice notes. 

In January, India’s fuel demand surged 3.2% from a year earlier. Despite a slight drop from December’s high, consumption growth remains steady. 

The country's crude imports hit a record 5.4 million barrels per day in March, with Russia accounting for 36% of oil supplies to India, according to OilPrice.