By 2027, India’s rise in oil demand will eclipse China’s. From 2.4 million barrels per day at present to 400,000 barrels per day by 2028, the demand for oil will be reduced globally as a result of improved technology and logistics used by electric vehicles (EV) and the oil sector.
The world’s oil demand will increase by 6%, reaching 105.7 million barrels per day from 2022- 2028. Despite this overall expansion, annual demand growth is predicted to slow from 2.4 million barrels per day this year to just 0.4 million barrels per day in 2028, indicating that a demand peak is approaching. Of this, the largest share of growth would come from petrochemicals and aviation fuel.
The slowest rate of decline is anticipated for the yearly growth in petrochemical feedstock demand. Petrochemical feedstock are materials used in the production of plastics, synthetic rubber, and various chemicals that are obtained from petroleum.
By 2026, however, it is anticipated that the sector’s need for oil will decrease. This practically indicates that starting in 2027, the demand for oil as the main fuel for transportation will start to decline.