New Delhi, March 17 -- Despite increasing consumption in developing economies, global oil supply is anticipated to outpace demand growth and India is expected to be the major driver of consumption growth according to a report by Phillip Capital.

"With GDP growth projections above 6 per cent annually, India's energy demand will continue to soar, and the country will remain heavily reliant on fossil fuels, including oil, to meet its needs," said the report.

As per the International Energy Agency (IEA) India's oil demand is projected to rise by 1.3 million barrels per day (mbpd) by 2030. The Organization of the Petroleum Exporting Countries (OPEC) estimates an even higher increase of 1.8 mbpd, bringing India's total oil consumption to 7.1 ...