India’s oil demand to outpace all other countries through 2050

India is 3rd-largest oil importer, consumer & 4th-largest LNG importer

- OUR CORRESPONDENT

India’s oil demand will rise more than those of any other country through 2050 on the back of its fast growing economy, and will account for over 12 per cent of the global energy market, BP chief economist Spencer Dale said Monday.

India is the world’s third-largest oil importing and consuming nation, and fourth-largest LNG importer.

Its oil demand is projected to grow from 5.4 million barrels per day to 9.1 million bpd by 2050 while natural gas consumption more than doubles to 153 billion cubic meters from 63 bem.

‘Ata conservative 5 per cent economic growth rate per year between 2023 to 2050 - double the rate of growth of the global economy - the country’s primary energy consumption grows strong. By 2050, India will account for 12 per cent of the world’s demand, up from 7 per cent in 2023, he said.

“When we look ahead, India is the fastest-growing energy market in the world,” he said unveiling BP’s Energy Outlook 2025. “So when we think about what's driving global energy, India is at the heart of that process”

The outlook gives projections under two scenarios - ‘Current Trajectory’ and “Below 2-Degree’ that depicts an energy future aligned with the Paris Agreement's goal of limiting global warming to below 2 degrees Celsius.