IEA forecasts deceleration in India's oil demand growth by 2024

15 Dec 2023 CW Team

The International Energy Agency (IEA) anticipates a moderation in the growth of India's oil product demand by the year 2024. The forecast signals a shift in the trajectory of India's energy consumption patterns and reflects evolving dynamics in the country's economic and energy landscape.

According to the IEA, factors contributing to the deceleration include evolving energy policies, increasing adoption of renewable energy sources, and advancements in energy efficiency measures. The projections align with global trends as nations worldwide strive to balance energy demands with sustainability objectives.

While India continues to be a significant player in the global energy market, the IEA's outlook suggests a strategic transition toward more sustainable and diverse energy sources. The expected slowdown in oil demand growth indicates a maturing energy landscape, where considerations of environmental impact and long-term sustainability play an increasingly pivotal role.

This projection underscores the need for continued investment and policy emphasis on renewable energy infrastructure and efficiency measures. The evolving energy scenario presents both challenges and opportunities for India to navigate as it strives for a balance between meeting growing energy demands and embracing a greener and more sustainable future.

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