India will account for about half of the growth in global oil demand and 15% of the increase in global electricity consumption over the next decade.
Speaking at the St Petersburg International Economic Forum, head of Russian oil producer Rosneft, Igor Sechin, said India’s oil consumption is projected to rise by 44% to nearly eight million barrels per day by 2035.
He added that electricity demand is expected to increase by 80%, reaching almost 3,000 terawatt-hours, close to the current consumption levels of the European Union. He described India as a strategic partner and one of the key drivers of growth in global energy consumption.
He also said the country holds a unique position in the oil market, with roughly half of global oil demand growth expected to come from India during the same period.
However, Mr Sechin warned that tensions around the Strait of Hormuz and wider geopolitical conflicts could threaten India’s energy security.
He said the risks stem from the country’s growing dependence on imported energy and its increasingly important role in global energy demand growth.