India's Energy Transformation: Driving Global Oil Demand

India is poised to become the epicentre of global oil demand growth, as per the International Energy Agency. With rapid economic expansion, industrialization, and increasing vehicle ownership, India's energy demand will outpace China and Southeast Asia. By 2035, India’s oil consumption will rise to 8 mbpd, despite growing import dependency.

According to the International Energy Agency (IEA), India is set to become the world's epicentre for oil demand growth over the next decade. As the third-largest oil importer, India's energy appetite is driven by a burgeoning economy and rising vehicle ownership.

The IEA's Global Energy Outlook highlights India's demand trajectory, projecting oil consumption to soar from 5.5 million barrels per day in 2024 to 8 million barrels by 2035. Despite efforts to increase domestic oil production, the country's import dependence will rise to 92% over this period.

India's energy sector is rapidly evolving beyond oil. With significant investments in renewable sources like solar and wind, the nation aims to reduce fossil fuel reliance, targeting a 70% renewable share in power capacity by 2035 while achieving substantial progress in its global carbon commitments.

(With inputs from agencies.)