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 between 2024 and 2035. This staggering figure highlights the country’s growing importance in the global energy market and underscores the need for sustained efforts to enhance domestic exploration and production.
The data presented by Minister Puri also reveals that India will contribute around 8% of the growth in natural gas demand during the same period. This is a significant development, as natural gas is considered a cleaner-burning fuel compared to oil and coal, and its increasing demand is expected to play a vital role in reducing India’s carbon footprint.
The government’s estimates are based on a comprehensive analysis of global energy trends and India’s growing energy needs. The country’s rapid economic growth, urbanization, and industrialization are driving up energy demand, with oil and natural gas being the primary sources of energy. As the world’s third-largest consumer of oil, India’s energy requirements are expected to continue growing, making it an critical player in the global energy market.
The significance of India’s contribution to global oil demand growth cannot be overstated. With the country accounting for over 40% of the global increase in oil demand, it is essential for the government to implement policies that promote domestic exploration and production. This will not only help reduce the country’s dependence on imported oil but also create new opportunities for economic growth and job creation.
To achieve this goal, the government has announced plans to enhance domestic exploration and production. This includes investing in new technologies, such as hydraulic fracturing and offshore drilling, to extract oil and gas from difficult-to-reach areas. The government is also encouraging private sector participation in the energy sector, with the aim of increasing production and reducing dependence on imports.
In addition to promoting domestic exploration and production, the government is also focusing on diversifying the country’s energy mix. This includes increasing the share of renewable energy sources, such as solar and wind power, in the energy mix. The government has set ambitious targets for renewable energy, aiming to generate 40% of the country’s power from non-fossil fuels by 2030.
The growth in natural gas demand is also expected to play a crucial role in reducing India’s carbon footprint. Natural gas is a cleaner-burning fuel compared to oil and coal, and its increasing demand is expected to help reduce greenhouse gas emissions. The government is promoting the use of natural gas in various sectors, including power generation, transportation, and industry.
In conclusion, India’s growing energy needs and its expected contribution to global oil demand growth make it an critical player in the global energy market. The government’s efforts to enhance domestic exploration and production, promote renewable energy, and increase the use of natural gas are essential steps towards reducing the country’s dependence on imported oil and mitigating the impact of climate change.
As the world’s energy landscape continues to evolve, India’s role in shaping the future of global energy demand will only continue to grow. With the government’s commitment to promoting sustainable energy practices and reducing dependence on imported oil, the country is poised to become a leader in the global energy market.
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