Top 10 oil-producing and consuming countries: India’s role in the global oil market
Recent Middle East tensions, particularly Israel-Hezbollah conflicts, have caused global oil price fluctuations. The IEA’s 2024 report predicts a slowdown in oil consumption growth due to electric vehicles, efficiency improvements, and economic shifts. India will lead global oil demand growth, while non-OPEC+ producers will significantly boost production by 2030, amidst a steady global economy.