India to be globe’s biggest oil buyer by 2050
(MENAFN) India is projected to become the world’s top oil consumer by 2050, according to the chief economist of a major energy company. Currently, the country ranks as the third-largest oil importer and consumer, and the fourth-largest importer of liquefied natural gas (LNG), as stated by reports.
Oil demand in India is expected to surge from 5.4 million barrels per day (bpd) to 9.1 million bpd by mid-century, while natural gas consumption is anticipated to increase to 153 billion cubic meters from 63 bcm, the economist said while presenting the company’s Energy Outlook 2025.
”So when we think about what’s driving global energy, India is at the heart of that process,” he said.
Recent analyses indicate India is also emerging as a key player in the global petrochemicals market. Since early 2022, Russia has become India’s primary oil supplier, providing roughly 40% of its crude imports. Russian energy officials have noted that the country’s oil reserves could last over 65 years at current production rates, with natural gas reserves projected to sustain for a century. Russia has expressed ambitions to expand LNG exports to India, describing it as “one of the furthest points for our LNG” and signaling plans to develop new projects to strengthen ties with the South Asian market.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
