IEA sees India’s oil demand doubling, import dependence rising to 90% by 2040


IEA sees India’s oil demand doubling, import dependence rising to 90% by 2040

India’s oil demand will double to more than 9 million barrels a day, marking largest absolute consumption growth for any country, and its dependence on imports will rise to 90% by 2040, according to the International Energy Agency’s latest World Energy Outlook.

This means the Indian economy will continue to depend in the near term on oil or fossil fuels in spite of the government’s stress on renewable energy and electric vehicles. This does not augur well as the suggested price trends in business as usual or stated policy environment scenarios do not offer much comfort on the price front in spite of subdued demand growth from other economies and rising exports from new players such as the US and Brazil. Read More

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