Oil consumption in India will stop rising in five years, BP has said in its influential annual energy outlook while also predicting that the global demand for the commodity may never return to pre-Covid levels.
India’s oil demand is expected to start plateauing in 2025 after rising to 6 million barrels per day (mbd) from 5 mbd in 2018 under BP’s two scenarios named the ‘Rapid’ and ‘Net Zero’. By 2050, the demand is forecast to contract to 5 mbd and 2 mbd, respectively under the two scenarios.
Under the third scenario, called the ‘Business-as-Usual’, Indian oil demand is forecast to continue to rise from 6 mbd in 2025 to 10 mbd in 2050. In all three scenarios, India stays the third-biggest oil consumer in 2025 and 2050, behind the US and China, as it is now.