Overview

• India's oil consumption in 2025 is estimated at 4.8–5.4 million barrels per day, reflecting a 4.3% year-on-year increase, according to S&P Global.
• Moody's projects India will drive global oil demand growth over the next decade, with annual growth of 3–5%, overtaking China for the first time in over ten years.
• China's oil demand is expected to peak within 3–5 years, driven by slowing economic growth, rapid electric vehicle adoption, and energy diversification.
• India's reliance on oil imports continues to grow, with Russian crude imports reaching a ten-month high of 1.8 million barrels per day in May 2025.
• Natural gas demand in India is forecast to grow 4–7% annually, with government policies targeting a 15% share in the energy mix by 2030.