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 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, which was shared in response to a starred question in the Lok Sabha, also reveals that India will contribute around 8% of the growth in natural gas demand during the same period. These estimates are based on projections by reputable international energy agencies and underscore the country’s rising energy needs, driven by rapid economic growth, urbanization, and industrialization.
The Indian government has been working tirelessly to enhance domestic exploration and production, with a focus on reducing dependence on imported fuels and promoting energy security. The government’s efforts have yielded positive results, with domestic oil production showing a significant increase in recent years. However, despite these gains, India still relies heavily on imports to meet its energy needs, and the country’s oil import bill remains a significant drain on its foreign exchange reserves.
The projected growth in oil demand is expected to be driven by the transportation sector, which accounts for the largest share of oil consumption in India. As the country’s economy continues to grow, the demand for transportation fuels, such as gasoline and diesel, is expected to rise, driving up oil demand. Additionally, the increasing use of petrochemicals in various industries, such as plastics and fertilizers, will also contribute to the growth in oil demand.
The government’s estimates also highlight the importance of natural gas in India’s energy mix. Natural gas is a cleaner-burning fuel that can help reduce the country’s dependence on coal and other polluting fuels. The government has set ambitious targets to increase the share of natural gas in the energy mix, and the projected growth in natural gas demand is expected to be driven by the power, industrial, and transportation sectors.
To meet the growing demand for oil and natural gas, the government is taking several steps to enhance domestic exploration and production. These include offering new exploration blocks for bidding, improving the business environment, and providing incentives for investment in the energy sector. The government is also promoting the use of alternative fuels, such as solar and wind power, to reduce the country’s dependence on fossil fuels.
The estimates shared by the Minister of Petroleum and Natural Gas highlight the significant opportunities and challenges that lie ahead for India’s energy sector. As the country continues to grow and develop, its energy needs will only continue to rise, and it is essential that the government takes sustained efforts to promote energy security, reduce dependence on imports, and protect the environment.
In conclusion, India’s projected contribution to global oil demand growth is a significant development that underscores the country’s growing importance in the global energy market. The government’s efforts to enhance domestic exploration and production, promote alternative fuels, and reduce dependence on imports are crucial steps towards ensuring energy security and promoting sustainable development. As India continues to navigate the complexities of the global energy landscape, it is essential that the government remains committed to its goals and works tirelessly to promote the country’s energy interests.
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