India’s end-use energy consumption is anticipated to increase by 90% by 2050, one of the highest growth rates globally, according to Igor Sechin, CEO, Rosneft, one of Russia’s leading oil producer. Sechin emphasized India’s rapidly expanding economy, predicting that the country will maintain robust economic growth over the next five years and emerge as one of the world’s top three economies with a GDP of $5 trillion.
By 2050, he projects that India will surpass the US in economic size. He also noted that the OPEC+ agreement appears to have minimal impact on the oil market, as evidenced by the stockpiling of reserves by companies in both the West and West Asia, possibly in anticipation of significant market shifts. According to him potential regulatory changes highlight emerging risks, prompting major industry players to consider alternative strategies.
Sechin highlighted that developing nations will drive the majority of oil consumption in the upcoming decades, predicting that by 2030, 95% of global consumption growth will stem from these countries. He indicated that the highest growth in oil demand is expected in Asian countries, which are key trading partners for Russia.
Despite the global shift towards renewable energy, Sechin pointed out that the consumption of oil, gas, and coal continues to rise. Rosneft recently signed an agreement with India’s state-owned Indian Oil to boost oil supplies. As reported by financialexpress.com, Indian companies, including ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation, and Bharat Petroresources, have held a 49.9% stake in Rosneft’s subsidiary JSC Vankorneft since 2016.
