India Country Analysis Brief
(Thu, 06 Feb 2025) India was the third largest energy consumer in the world in 2023 behind China and the United States. In 2023, India passed China to become the world’s most populous country in the world with 1.44 billion people. It’s gross domestic product (GDP) grew 7.8% in 2023 from the previous year. It is one of the fastest growing economies and the fourth-largest economy in the world.
India to surpass China as the top source of global oil consumption growth in 2024 and 2025
India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to our December Short-Term Energy Outlook (STEO). China’s oil consumption grew by more than India’s in almost every year from 1998 through 2023, with China’s oil consumption regularly growing more than any other country during those years.