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 shaping the global energy market in the coming years. The data reveals 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 a testament to India’s rapid economic growth, urbanization, and industrialization, which are driving up the country’s energy needs. As the world’s third-largest consumer of oil, India’s energy demand is expected to continue rising, with the country’s oil demand growth estimated to outpace the global average. This trend is likely to have significant implications for the global energy market, as India’s increasing demand for oil and natural gas will influence the supply and demand dynamics, as well as the prices of these commodities.
The government’s estimates are based on the country’s growing population, increasing urbanization, and rising income levels, which are driving up the demand for energy. The data also takes into account the government’s initiatives to promote the use of cleaner fuels, such as liquefied petroleum gas (LPG) and compressed natural gas (CNG), which are expected to contribute to the growth in natural gas demand.
To meet the rising energy demand, the government has announced plans to enhance domestic exploration and production. The Minister of Petroleum and Natural Gas has stated that the government is committed to increasing the country’s domestic oil and gas production, which will help reduce the country’s dependence on imports and mitigate the impact of price volatility in the global market. The government has also launched several initiatives to promote exploration and production, including the introduction of new policies and regulations, as well as the allocation of funds for research and development.
The growth in India’s energy demand is also expected to create new opportunities for investment in the energy sector. The government has announced plans to invest in new infrastructure, including pipelines, terminals, and storage facilities, which will help improve the country’s energy security and reduce the risk of supply disruptions. The private sector is also expected to play a significant role in meeting India’s energy needs, with several companies already investing in the country’s energy sector.
However, the growth in India’s energy demand also poses several challenges, including the need to reduce the country’s carbon footprint and mitigate the impact of climate change. The government has announced plans to promote the use of renewable energy sources, such as solar and wind power, which are expected to play a significant role in reducing the country’s dependence on fossil fuels. The government has also launched several initiatives to improve energy efficiency, including the introduction of new building codes and the promotion of energy-efficient appliances.
In conclusion, India’s energy demand is expected to play a significant role in shaping the global energy market in the coming years. The country’s growing demand for oil and natural gas will influence the supply and demand dynamics, as well as the prices of these commodities. The government’s plans to enhance domestic exploration and production, as well as promote the use of cleaner fuels and renewable energy sources, are expected to help reduce the country’s dependence on imports and mitigate the impact of price volatility in the global market. As the world’s energy landscape continues to evolve, India’s energy demand will remain a key driver of the global energy market.
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