'India must boost domestic oil output, electrification to cut import dependence'

INDIA needs to increase domestic oil production and electrify as many processes as possible—generating that electricity from domestic sources—to mitigate risks posed by ongoing geopolitical uncertainties, said Spencer Dale, chief economist at BP Plc.

- RAKESH KUMAR @New Delhi

While presenting the BP Energy Outlook 2025, Dale highlighted that India imports about 85-90% of the oil it consumes. Oil demand in the country is projected to rise from 6 million barrels per day (mb/d) today to nearly 9 mb/d by 2050. Similarly, 45-50% of India’s natural gas needs are met through imports. In an increasingly volatile world, Dale said, reducing import dependency becomes key for India’s energy security.