India to account for over 40% of global oil demand growth by 2035
The world’s energy landscape is undergoing a significant transformation, driven by the increasing demand for energy from emerging economies, particularly India. According to recent estimates shared by the Minister of Petroleum and Natural Gas, Hardeep Singh Puri, in the Lok Sabha, India is expected to play a crucial role in driving global energy demand in the coming years. The data suggests that India will account for over 40% of the global increase in oil demand and about 8% of the growth in natural gas demand between 2024 and 2035.
This projection is significant, as it underscores the country’s growing importance in the global energy market. India’s energy consumption has been rising steadily over the years, driven by rapid economic growth, urbanization, and industrialization. The country’s energy demand is expected to continue to grow, driven by the government’s initiatives to promote economic development, improve living standards, and increase access to energy for its vast population.
The estimate of India accounting for over 40% of global oil demand growth by 2035 is based on the country’s projected economic growth, population expansion, and increasing energy requirements. The government’s initiatives to promote the use of energy-efficient technologies, renewable energy sources, and cleaner fuels are expected to contribute to the growth in energy demand. Additionally, the increasing demand for transportation fuels, driven by the growing middle class and the expansion of the automotive sector, is expected to drive oil demand growth.
The data also highlights the importance of natural gas in India’s energy mix. The country is expected to account for about 8% of the growth in natural gas demand between 2024 and 2035. Natural gas is considered a cleaner fuel compared to other fossil fuels, and its increasing use is expected to contribute to the reduction of greenhouse gas emissions and improvement of air quality. The government has been promoting the use of natural gas as a fuel for power generation, industrial applications, and transportation, which is expected to drive demand growth.
To meet the growing energy demand, the government has been taking several initiatives to enhance domestic exploration and production. The Ministry of Petroleum and Natural Gas has been working to promote investment in the energy sector, improve the business environment, and increase the use of technology to enhance exploration and production activities. The government has also been working to increase the share of renewable energy sources in the energy mix, with a target of achieving 40% of the country’s installed power generation capacity from non-fossil fuels by 2030.
The estimates shared by the Minister of Petroleum and Natural Gas highlight the importance of India’s energy sector in the global energy landscape. The country’s growing energy demand presents both opportunities and challenges for the government, industry stakeholders, and investors. While the increasing demand for energy presents opportunities for investment and growth, it also poses challenges in terms of ensuring energy security, promoting sustainable development, and mitigating the impact of climate change.
In conclusion, the estimates shared by the Minister of Petroleum and Natural Gas suggest that India will play a significant role in driving global energy demand in the coming years. The country’s growing energy demand presents opportunities for investment and growth, but also poses challenges in terms of ensuring energy security, promoting sustainable development, and mitigating the impact of climate change. The government’s initiatives to enhance domestic exploration and production, promote the use of renewable energy sources, and increase energy efficiency will be crucial in meeting the growing energy demand and ensuring a sustainable energy future for the country.
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