New Delhi, March 17 -- Global oil supply is projected to exceed demand growth despite increasing consumption in developing economies, according to a report by Phillip Capital. India is expected to be the primary driver of this consumption growth.

The report highlights that with India's GDP growth forecast exceeding 6 per cent annually, the country's energy demand will continue to rise. India is expected to remain heavily dependent on fossil fuels, including oil, to meet its energy needs.

According to the International Energy Agency (IEA), India's oil demand is forecast to increase by 1.3 million barrels per day (mbpd) by 2030.

The Organisation of the Petroleum Exporting Countries (OPEC) projects an even larger increase of 1.8 mbpd, bri...