PTI New Delhi

India's oil demand is expected to grow at the fastest pace among major economies and double the rate of rise in China in 2025 and 2026, oil cartel OPEC said in its latest global outlook.

India's oil demand is projected to rise from 5.55 million barrels a day in 2024 to 5.74 million bpd in 2025, up 3.39 per cent, helped by rising energy needs in the world's fastest growing economy.

This is projected to further rise to 5.99 million bpd in 2026, growing at 4.28 per cent.

The demand growth is higher than 1.5 per cent expansion projected in China's oil demand in 2025 and 1.25 per cent in 2026.

But in absolute terms, the US will continue to be the biggest oil consumer with a demand of 20.5 million bpd in 2025, followed by China (16.90 million bpd in 2025 and 17.12 million bpd in 2026). India is the third largest consumer.

The US is likely to see 0.09 per cent growth in 2025 and 0.6 per cent in 2026.

Despite slower growth, OPEC expects global oil demand to rise by 1.3 million bpd in both 2025 and 2026, unchanged from its previous forecast.

"Looking ahead, India's economy continued to expand at the beginning of the year. The current momentum of robust economic growth is expected to continue, driven by ongoing consumer spending, investment and government support for key sectors," the OPEC Monthly Oil Market Report said.