India to account for over 40% of global oil demand growth by 2035
The world’s energy landscape is undergoing a significant transformation, and India is set to play a crucial role in shaping its future. According to recent estimates shared by the Minister of Petroleum and Natural Gas, Hardeep Singh Puri, India will account for over 40% of the global increase in oil demand between 2024 and 2035. This staggering projection underscores the country’s growing importance in the global energy market. Furthermore, India is also expected to contribute about 8% of the growth in natural gas demand during the same period.
The data was presented by Minister Puri in response to a starred question in the Lok Sabha, highlighting the government’s efforts to enhance domestic exploration and production. This move is part of a broader strategy to reduce India’s dependence on imported fossil fuels and promote energy self-sufficiency. As the world’s third-largest oil consumer, India’s energy needs are growing rapidly, driven by its expanding economy, increasing population, and rising standards of living.
The projected growth in oil demand is largely attributed to the country’s transportation sector, which is expected to drive up consumption of petroleum products such as gasoline, diesel, and jet fuel. The increasing demand for energy will also be fueled by the growth of industries such as manufacturing, construction, and agriculture. Moreover, the rising middle class and their aspirations for a better lifestyle will lead to higher energy consumption, further contributing to the growing demand for oil and natural gas.
To meet this surging demand, the Indian government has set ambitious targets to enhance domestic exploration and production. The government aims to increase the share of domestic production in the country’s oil and gas mix, reducing reliance on imports and mitigating the impact of price volatility in the global market. This strategy will not only help to improve energy security but also create new opportunities for economic growth, job creation, and investment in the energy sector.
The government’s efforts to boost domestic production are focused on several key areas, including the development of new oil and gas fields, the enhancement of recovery rates from existing fields, and the promotion of alternative energy sources such as solar and wind power. Additionally, the government is working to create a more favorable business environment, encouraging foreign investment and promoting public-private partnerships to drive growth in the energy sector.
India’s growing importance in the global energy market is also reflected in its increasing participation in international energy forums and organizations. The country is a key player in the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), and it is actively engaged in shaping global energy policies and strategies. This increased engagement is helping to promote India’s interests and concerns, while also contributing to the development of a more sustainable and equitable global energy system.
In conclusion, India’s projected contribution to global oil demand growth is a significant development that underscores the country’s emerging role as a major player in the global energy market. The government’s efforts to enhance domestic exploration and production, promote alternative energy sources, and create a more favorable business environment are all critical components of a comprehensive strategy to meet the country’s growing energy needs. As India continues to drive global energy demand, it is essential that the country balances its economic growth aspirations with the need to promote sustainability, energy security, and environmental protection.
The Indian government’s estimates and projections are a clear indication of the country’s commitment to addressing its energy challenges and opportunities. With a growing economy, increasing population, and rising energy demands, India is poised to play an increasingly important role in shaping the future of the global energy landscape. As the country continues to navigate the complexities of the energy sector, it is essential that it remains focused on promoting sustainable development, energy security, and environmental protection.
In the coming years, India’s energy sector is likely to undergo significant transformations, driven by technological innovations, changing consumer behaviors, and shifting global energy trends. The government’s efforts to promote domestic exploration and production, enhance energy efficiency, and develop alternative energy sources will be critical in shaping the country’s energy future. As India continues to grow and evolve, its energy sector will play an increasingly important role in driving economic development, promoting energy security, and protecting the environment.
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