WoodMac said it expects India to become the world's largest oil demander and will surpass China by 2024.

By 2035, it will account for one-third of global demand growth, due to the demand for liquidity, the expansion of the middle class and the increase in income levels, an increase of 3.5 million barrels per day.

However, the country's 2035 refinery's capacity is only 400,000 barrels per day, so supply will not keep up with demand growth.

In April this year, Saudi Aramco announced plans to build a 1.2 billion barrel refinery a day about 215 miles south of Mumbai.

Despite the increase in capacity, according to WoodMac, this is still not enough, which may lead to the import of natural gas from the United States and Europe.

However, long-distance transactions take time to establish “focus on supply security”.

The possibility of producing additional refineries in India depends on a number of factors, such as infrastructure projects and improved fuel efficiency.

Research director Sushant Gupta said: "From today's equilibrium, the Indian public sector enterprise (PSU) or the state-owned oil company's refinery will short at least in transportation fuels, up to 1.2 million barrels / day of large refineries, proposed The joint ventures India PSU, Saudi Aramco and ADNOC are online.

 “How much new refinery capacity does India need? It depends on two main factors. First, the pace of oil demand growth, and whether private refiners will transfer their large exports to the domestic market.

“We think the most likely scenario is that by 2035, India needs 3.2 million barrels per day to 4.7 million barrels per day of new capacity to maintain self-sufficient transportation fuel. So we are talking about future capacity, which is current. 1.7 to 2.0 times. This is obviously a daunting task, unless domestic refineries can promise to increase planned capacity."