India to account for over 40% of global oil demand growth by 2035
The world’s energy landscape is undergoing a significant transformation, with emerging economies like India playing a crucial role in shaping the future of global energy demand. According to recent estimates shared by the Minister of Petroleum and Natural Gas, Hardeep Singh Puri, in the Lok Sabha, India is expected to 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 highlights India’s growing importance in the global energy market and underscores the need for the country to enhance its domestic exploration and production capabilities.
The rapid growth of India’s economy, coupled with its large and increasingly urbanized population, has led to a surge in energy demand. As the country continues to industrialize and urbanize, its energy needs are expected to rise significantly, driving up demand for oil and natural gas. The government’s estimates suggest that India’s oil demand will grow at a rapid pace, with the country accounting for over 40% of the global increase in oil demand between 2024 and 2035. This is a significant proportion, considering that India currently accounts for only about 5% of global oil demand.
The growth in oil demand is expected to be driven by the transportation sector, which is the largest consumer of oil in India. As the country’s economy grows, the number of vehicles on the road is expected to increase, leading to higher demand for gasoline and diesel. Additionally, the increasing use of oil in industries such as petrochemicals and fertilizers will also contribute to the growth in oil demand.
In addition to oil, India is also expected to play a significant role in the growth of global natural gas demand. The government’s estimates suggest that the country will account for about 8% of the growth in natural gas demand between 2024 and 2035. This is a significant proportion, considering that natural gas is a cleaner-burning fuel that is expected to play a major role in India’s energy mix in the coming years.
The growth in natural gas demand is expected to be driven by the power and industrial sectors, which are the largest consumers of natural gas in India. As the country moves towards a more sustainable energy mix, the use of natural gas is expected to increase, driven by the need to reduce greenhouse gas emissions and improve air quality.
To meet the growing demand for oil and natural gas, the government has announced plans to enhance domestic exploration and production. The government has set a target of reducing India’s dependence on imported oil and gas by 10% by 2025. To achieve this target, the government plans to increase domestic production of oil and gas, with a focus on exploring new fields and improving the recovery rate from existing fields.
The government has also announced plans to invest in new technologies and infrastructure to support the growth of the oil and gas sector. This includes the development of new pipelines, storage facilities, and refineries, as well as the use of advanced technologies such as hydraulic fracturing and enhanced oil recovery.
In conclusion, India’s growing energy needs are expected to play a significant role in shaping the future of global energy demand. With the country expected to 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, the government’s focus on enhancing domestic exploration and production is a welcome move. As the country continues to grow and develop, it is essential that the government prioritizes the development of a sustainable and secure energy mix, with a focus on reducing dependence on imported oil and gas.
The government’s plans to invest in new technologies and infrastructure will also be critical in supporting the growth of the oil and gas sector. As the country moves towards a more sustainable energy mix, the use of cleaner-burning fuels such as natural gas will play a major role in reducing greenhouse gas emissions and improving air quality.
Overall, the future of India’s energy sector looks promising, with the country expected to play a major role in shaping the global energy landscape. With the government’s focus on enhancing domestic exploration and production, and investing in new technologies and infrastructure, India is well-placed to meet its growing energy needs and reduce its dependence on imported oil and gas.
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