India Overtakes China As Biggest Oil Consumer

The International Energy Agency's president projected on Wednesday that India will soon overtake China as the world's largest oil  demand driver.

According to the Paris-based energy agency's outlook study, Asia will account for around three-quarters of the increase in demand from 2022 to 2028, with India overtaking China as the primary source of growth by 2027.

"One of the reasons why we say this is that electrification of cars and buses in China is growing rapidly," Birol told reporters on the sidelines of a G20 meeting in New Delhi.

"I sincerely hope that India will move closer to electrification."

Birol also stated that, given India's huge renewable energy resources, the country should seize the opportunity to become a superpower in green hydrogen business.