India’s oil demand is expected to rise 37 per cent to 7.4 million barrels per day (mbpd) and natural gas by 85 per cent to 139 billion cubic metres by 2035, according to the International Energy Agency (IEA).
The bullish forecast contrasts with IEA’s projection of sluggish global oil and gas demand over the next decade. India will be the single-largest source of energy demand growth through 2035, IEA said in its outlook.
Globally, oil demand-at about 100 mbpd in 2024-is expected to edge up to a peak of 102 mbpd around 2030 before easing back to the current levels by 2035. This reflects “reductions in demand from passenger cars and power sector, more than offset by increases from petrochemicals, aviation and other industrial activities,” under the IEA’s stated policies scenario, which factors in policies already implemented as well as those proposed.
India will see the largest increase in oil consumption of any country, rising by 2 mbpd to 2035, and continuing the growth momentum through 2050.
