The International Energy Agency (IEA) said on the 10th that India's oil demand growth is expected to surpass that of Chinese mainland in the mid-1920s.

According to a report in Taiwan's Industrial and Commercial Times on January 11, affected by the situation in the Middle East, Brent oil prices have recently risen above the $70 per barrel mark, putting pressure on India and other emerging markets. India is highly dependent on oil supplies from the Middle East, of which Iraq is its largest oil supplier.

India is currently the world's third-largest oil consumer, according to the International Energy Agency. India imports 80% of its oil, of which 65% comes from the Middle East.

The agency estimates that India's oil demand will climb from 4.4 million barrels a day in 2017 to 6 million barrels a day in 2024. India's domestic production capacity is likely to increase only slightly, which means India must rely more on oil imports.

India is also the fourth largest oil refiner in the world. It plans to increase refining capacity from the current 5 million b / d to about 8 million b / d by 2025.

Fatih Birol, director of the International Energy Agency, pointed out: "India is clearly going to be the main driver of oil demand growth."

The IEA predicts that China's oil demand growth is likely to be slightly lower than that of India in the mid-2020s, after which the gap will gradually widen.