India will use more oil than ever before in 2023, according to the Ministry of Petroleum and Natural Gas. After using 219 million metric tonnes of oil products the previous year, 231 million metric tonnes were used this year. Over the years, urbanisation, industrialisation, and the rise of the middle class have all contributed to the rise of consumerism.
What's causing sales to go up?
As a result of many factors, India's use of oil and products related to oil has grown significantly. Essential needs include fuel, power, food, transportation, and warmth. They will probably be in higher demand because the country is becoming more urbanised and industrialised.
Comparison with China
India is expected to overtake China as the world's biggest oil consumer by 2030, which will see a change in how oil is used around the world. More and more Chinese people are using electric cars for transportation, but India still relies on cheap cars with internal combustion engines. In contrast, China's oil use is expected to peak in the 2020s and then slowly go down until the 2030s, when India's use stops rising.
Global Effects
India is currently a big part of global consumption, and by 2030, it's expected to be the biggest source of new consumption. Basically, India's economic growth will have a big effect on prices and consumption around the world. As a result, it will be a crucial topic for study and advice.
India's growing reliance on oil is having an impact on global energy markets. The country's growing use will have an impact on global oil prices and demand.
(Image Source : Multiple Agencies )
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