New Delhi, May 23 -- India is set to become the primary driver of global oil demand growth over the next decade, replacing China as the world's second-largest oil consumer nears peak consumption, according to a new analysis by Moody's Ratings.

China's crude oil consumption is expected to reach its peak within the next 3-5 years at approximately 800 million tonnes per annum by 2030, driven by slower economic growth and accelerated adoption of new energy vehicles.

In contrast, India is projected to maintain annual oil demand growth of 3 to 5 percent during the same period, supported by continued economic expansion and infrastructure development.

The rating agency attributes China's demand moderation to several structural factors, includi...