India is likely to become the world’s largest oil consumer by the year ending 2050, said the chief economist of the energy giant Bharat Petroleum on Monday.
The country is currently the third largest oil importer and consumer and also the fourth largest LNG importer. India’s oil demand will rise from 5.4 million barrels per day (bpd) to 9.1 million bpd by 2050, while natural gas usage will climb to 153 billion cubic metres from 63 bcm, said Spencer Dale.
India’s economic growth will witness multi-fold growth in the coming days, owing to its rising industrial, agricultural and services sector expansion.
“So when we think about what’s driving global energy, India is at the heart of the process,” Dale added. Last week, S&P Global Ratings said in a report that the South Asian nation is poised to become the next major player in the global petrochemicals industry. Since February 2022, Russia has become India’s top oil supplier, accounting for almost 40 per cent of the crude oil imports.
Also Read: Russia to remain India’s largest crude oil supplier: Analysts
Earlier in August, Russia’s First Deputy Energy Minister Pavel Sorokin said Russia’s oil reserves stood at about 31 billion tonnes and had targeted an oil production volume of 540 million tonnes by 2030. Russia’s oil reserves at the present rate of production will be sufficient for more than 65 years, and its natural gas reserves are projected to last for another 100 years, as per analyst reports.
In February, Sorokin said at India Energy Week that Moscow sees India as a major market for LNG. “India is one of the furthest points for our LNG. Previously, we didn’t have spare LNG to contract with Indian partners, but this is changing. We are expanding in the LNG market, launching new projects, and hope India will become a major trading partner in this space,” he said.
New Delhi continues its imports of Russian crude oil and gas despite US President Donald Trump imposing a 25 per cent penalty on most Indian exports for its oil trade with Russia.
Also Read: India’s oil demand projected to be highest in world by 2050