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THE ECONOMIC TIMES OIL & GAS ANNUAL CONFERENCE & EXPO 2024


INDIA’S ROLE IN GLOBAL OIL AND GAS MARKETS IS EXPECTED TO EXPAND SUBSTANTIALLY,
WITH THE ENERGY DEMAND PROJECTED TO DOUBLE BY 2050, FUELLED BY STRONG ECONOMIC
AND POPULATION GROWTH.


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 * Oil & Gas
 * 2 min read


INDIA'S EXPANDING ECONOMY, URBANIZATION TO PROPEL OIL DEMAND GROWTH BY 6.6 MB/D
BY 2045

The global oil demand is set to reach 116 mb/d by 2045, up from 99.6 mb/d in
2022, with non-OECD countries, led by India, driving much of this growth.
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 * Saurav Anand ,
 * ETEnergyWorld

 * Updated On Feb 20, 2024 at 07:58 AM IST

Read by: 100 Industry Professionals
Read by 100 Industry Professionals
New Delhi: India's oil demand is projected to rise by 6.6 million barrels per
day (mb/d) from 2022 to 2045, significantly contributing to a global demand
increase of 16.4 mb/d during the same period, according to the PPAC Journal's
analysis of the 2023 World Oil Outlook by OPEC.

The global oil demand is set to reach 116 mb/d by 2045, up from 99.6 mb/d in
2022, with non-OECD countries, led by India, driving much of this growth.

While OECD countries are expected to see a decline in oil demand, dropping below
37 mb/d by 2045, non-OECD regions, spearheaded by India, will witness a surge of
25.7 mb/d due to factors such as population growth, urbanization, and economic
expansion.


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India's demand growth is primarily fueled by the transportation sector, with a
significant increase in the number of passenger vehicles and commercial vehicles
expected to boost gasoline and diesel consumption.

OPEC's report also highlights a less pronounced shift towards electric vehicles
(EVs) in India compared to China and OECD Europe, resulting in sustained demand
for internal combustion engine vehicles. This trend is anticipated to support an
increase in India's gasoline demand by approximately 1.6 mb/d by 2045.

Furthermore, the aviation sector in India is set for a dynamic expansion, with
oil demand projected to grow more than 6% per annum on average during the
forecast period, driven by government initiatives to enhance air travel
affordability and the construction of new regional airports.



The petrochemical sector in India is another area of significant growth, with
demand expected to increase by 0.7 mb/d by 2045, reflecting the country's
industrial and agricultural development. This demand is part of a broader trend
that sees India accounting for one third of new petrochemical projects in Asia
in the coming years.

OPEC's outlook underscores India's pivotal role in shaping the future of global
oil demand, with its growing economy and expanding middle class playing a
crucial role in the overall increase projected for the next two decades.

   
 * By Saurav Anand ,
 * ETEnergyWorld

   
 * Published On Feb 20, 2024 at 07:58 AM IST
   


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