The global demand for crude oil is anticipated to reach its peak at the 112 million barrels per day mark in 2030, with India and Africa emerging as significant contributors, as per S&P Global Commodity Insights. Currently, standing at 103 million barrels per day, the global demand for crude oil is projected to maintain a range of 112 million barrels per day by 2030.
India and Africa are expected to play a pivotal role in the 8.73% increase in demand by 2030, driven by a surge in industrial activities in these regions. The rise in demand is attributed to an increased adoption of clean cooking methods, growth in automotive usage, and the establishment of refineries by various economies. As reported by The Hindu, in the case of India, the peak demand for crude oil is forecasted to occur in 2040, reaching 7.2 million barrels per day, up from the current 5.2 million barrels per day.
Stuti Chawla, Associate Director of India/Middle East Chemicals Pricing at S&P Global Commodity Insights, mentioned that despite India’s anticipated status as a significant contributor to petrochemical demand in Asia in 2024 due to robust economic growth and resilient industrial production, domestic producers may not experience substantial relief.
The heightened demand is unlikely to alleviate the challenges faced by these producers, who continue to grapple with margin pressures. This is attributed to the ongoing suppression of prices for essential bulk chemicals, a result of abundant supplies and the introduction of new capacities into the market.
