Economic growth will drive energy consumption in India significantly higher in the coming years, Rosneft’s chief executive Igor Sechin has predicted. “Over the next five years, India is projected to continue its strong economic momentum and become one of the top three largest economies in the world with a GDP of $5 trillion, and by 2050 will overtake the US in terms of the size of the economy,” Sechin said, speaking at the St. Petersburg Economic Forum, as quoted by Indian media.
Growth in demand for oil from developing countries will also come to represent a bigger portion of total demand growth, Sechin said, projecting it at 95% of the total by 2030. The biggest share in developing countries’ demand for oil, in turn, would come from Asia, Igor Sechin also said. In 2023, oil consumption in India hit a record high of 231 million tons, up from 219 million tons in 2022, according to data from the Indian Ministry of Petroleum and Natural Gas.