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According to the International Energy Agency's latest World Energy Outlook, India's oil demand will double to 9 million barrels per day by 2040, the largest absolute consumption growth
of any country or region.
By then, India's dependence on imports will rise to 90%.
This means that despite the government's emphasis on renewable energy and electric vehicles, the Indian economy will continue to rely on oil or fossil fuels
in the short term.
Oil is one of the key elements of
government fiscal policy.
Expensive fuel crowds out fiscal space
for government spending or stimulus.
The report said one-third of India's oil demand growth will come from trucks, followed by passenger cars at 25 percent
.
Car ownership in India is expected to grow sevenfold
by 2040.
On the global stage, the IEA believes that oil trade will increasingly be Asia-centric, and although China's oil demand will flatten in 2030, China will soon overtake the European Union as the world's largest oil importer and maintain this position until 2040
.
But it also poses challenges, as trade flows to Asia become increasingly concentrated, with implications
for global oil security.
At the same time, the IEA also noted that the influence of traditional players on the oil market is weakening, as US oil production depresses the share
of OPEC countries and Russia in total oil production.
By 2030, that share will fall from 55 percent in the mid-2000s to 47 percent, meaning efforts to manage oil market conditions are likely to face significant headwinds
.
The pressure on hydrocarbon revenues in some of the world's major producing countries has also highlighted the importance of
their efforts to diversify their economies.
According to the International Energy Agency's latest World Energy Outlook, India's oil demand will double to 9 million barrels per day by 2040, the largest absolute consumption growth
of any country or region.
By then, India's dependence on imports will rise to 90%.
This means that despite the government's emphasis on renewable energy and electric vehicles, the Indian economy will continue to rely on oil or fossil fuels
in the short term.
Oil is one of the key elements of
government fiscal policy.
Expensive fuel crowds out fiscal space
for government spending or stimulus.
The report said one-third of India's oil demand growth will come from trucks, followed by passenger cars at 25 percent
.
Car ownership in India is expected to grow sevenfold
by 2040.
On the global stage, the IEA believes that oil trade will increasingly be Asia-centric, and although China's oil demand will flatten in 2030, China will soon overtake the European Union as the world's largest oil importer and maintain this position until 2040
.
But it also poses challenges, as trade flows to Asia become increasingly concentrated, with implications
for global oil security.
At the same time, the IEA also noted that the influence of traditional players on the oil market is weakening, as US oil production depresses the share
of OPEC countries and Russia in total oil production.
By 2030, that share will fall from 55 percent in the mid-2000s to 47 percent, meaning efforts to manage oil market conditions are likely to face significant headwinds
.
The pressure on hydrocarbon revenues in some of the world's major producing countries has also highlighted the importance of
their efforts to diversify their economies.
