India is set to surpass China as the leading contributor to global oil and gas demand growth over the next decade, owing to rapid industrialization, infrastructure expansion, and rising mobility, The Economic Times reported Thursday, citing New York-based Moody's Corporation.
Moody's forecasts India's oil demand to grow 3% to 5% on an annual basis, while China's oil demand peaks within three to five years amid slowing growth and increasing electric vehicle adoption, the report said.
India's demand for gas is also projected to grow 4% to 7% annually through 2030, though affordability and infrastructure could pose a threat to this growth, it said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.