India set to overtake China as leading contributor to global oil demand growth

China was the largest contributor to annual global oil demand growth in 20 of the past 25 years. Since 2000, China has accounted for 44% of global oil demand growth, with domestic consumption more than tripling. However, India’s oil demand growth outpaced China’s in both 2022 and 2024. India is expected to become the leading driver of global oil demand growth in the medium term. China’s oil demand growth is expected to slow due to a declining population, rising EV adoption, and a deceleration in economic growth.