Demand in the South Asian nation is projected to rise to 9.1 million barrels per day within 25 years, BP’s chief economist has said
India is expected to become the world’s largest oil consumer by 2050, the chief economist of energy giant BP said on Monday.
The South Asian country is currently the world’s third-largest oil importer and consumer, and fourth-largest LNG importer.
India’s oil demand is projected to rise from 5.4 million barrels per day (bpd) to 9.1 million bpd by 2050, while natural gas usage will climb to 153 billion cubic meters from 63 bcm, BP’s Spencer Dale said while presenting the company’s Energy Outlook 2025, according the PTI news agency.
”So when we think about what’s driving global energy, India is at the heart of that process,” Dale was quoted as saying.
Last week S&P Global Ratings said in a report that the South Asian nation is poised to become the next major player in the global petrochemicals industry.
Since February 2022, Russia has become India’s top oil supplier, accounting for 40% of its crude imports.
In August, First Deputy Energy Minister Pavel Sorokin said Russia’s oil reserves stood at about 31 billion tons and has targeted an oil production volume of 540 million tons by 2030.
Russia’s oil reserves at the current production level will be sufficient for more than 65 years, and natural gas reserves are projected to last for 100 years, according to analysts.
In February, Sorokin told RT at India Energy Week that Moscow sees India as a major market for LNG. “India is one of the furthest points for our LNG. Previously, we didn’t have spare LNG to contract with Indian partners, but this is changing. We are expanding in the LNG market, launching new projects, and hope India will become a major trading partner in this space,” he said.
New Delhi continues to import Russian crude despite US President Donald Trump levying a 25% penalty on most Indian exports for its oil trade with Russia.
