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India, China to fuel 50% of rise in global oil demand in 5 years, says IEA

According to IEA, demand is expected to grow at an annual rate of 1.2 million barrels per day (mbd) until 2023, as the oil demand would reach 104.7 mbd, up by 6.9 mb day from 2018

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Oil usage in the region will expand to around 6.6 million barrels per day by 2040 from 4.7 million bpd now | Photo: Reuters

Shine Jacob New Delhi

Last Updated : Mar 08 2018 | 3:16 PM IST

India and China are set to contribute nearly 50 per cent to the increase in the global demand for oil over the next five years, the International Energy Agency (IEA) said in its report on oil sector for 2018.

According to IEA, demand is expected to grow at an annual rate of 1.2 million barrels per day (mbd) until 2023, as the oil demand would reach 104.7 mbd, up by 6.9 mb day from 2018. “As China’s economy becomes more consumer-oriented, the rate of growth in oil demand slows down to 2023, compared with the 2010-17 period. By comparison, the pace

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