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India will remain dependent on oil despite the Modi government's focus on a faster transition to clean energy despite its focus on a faster transition to clean energy, with its demand set to more than double to 11 million barrels per day by 2045, leaving fuel consumers vulnerable to fluctuations in the crude oil market, according to the 2021 World Oil Outlook released by OPEC.
According to OPEC's World Oil Outlook 2021, the contribution of diesel and gasoline to the country's oil demand will increase from 51% to 58%
in 2045 due to an increasing population, increasing prosperity and rapid urbanization during the period 2020-2045.
The latest long-term market outlook from the Group of Oil Exporting Group, which accounts for about 40% of global oil supply, projects that oil will account for 28.
6% of India's primary energy mix in 2045, an increase of more than 3 percentage points compared to 2020, driven by an estimated 200 million passenger cars and the slow
pace of electric vehicle adoption.
Faced with stagnant oil and gas production, growing oil demand will also boost India's dependence
on imports.
This will directly affect consumers by pushing up fuel prices when oil prices skyrocket, such as gasoline and diesel prices that began to climb in recent weeks as crude reached $80 a barrel in volatile markets
.
The report expects natural gas consumption to grow at an annual rate of 5.
4%, spurred by the rapid expansion of the city's gas network and the adoption of CNG (compressed natural gas) vehicles, outpacing the growth
in total energy demand.
But it suspects it may not be enough to meet the government's target of increasing the share of natural gas in India's
energy mix to 15 percent.
However, the government's focus on clean fuels and renewables will reduce coal's share of primary energy demand from 43.
5% to 36.
3% in 2045, but it will remain the largest source
of energy supply of all energy sources in 2045.
The report argues that with GDP growth of more than 6% annually over the next 15 years, per capita energy consumption has almost doubled, from 4.
65 barrels of oil equivalent in 2020 to 8.
56 barrels of oil equivalent in 2045, making India the fastest growing emerging market economy
.
India accounts for about 18% of the world's population but uses only about 7% of the world's primary energy, with per capita energy consumption of 4.
7 barrels of oil equivalent, compared to 13.
2 barrels
of oil equivalent per capita globally.
India will remain dependent on oil despite the Modi government's focus on a faster transition to clean energy despite its focus on a faster transition to clean energy, with its demand set to more than double to 11 million barrels per day by 2045, leaving fuel consumers vulnerable to fluctuations in the crude oil market, according to the 2021 World Oil Outlook released by OPEC.
According to OPEC's World Oil Outlook 2021, the contribution of diesel and gasoline to the country's oil demand will increase from 51% to 58%
in 2045 due to an increasing population, increasing prosperity and rapid urbanization during the period 2020-2045.
The latest long-term market outlook from the Group of Oil Exporting Group, which accounts for about 40% of global oil supply, projects that oil will account for 28.
6% of India's primary energy mix in 2045, an increase of more than 3 percentage points compared to 2020, driven by an estimated 200 million passenger cars and the slow
pace of electric vehicle adoption.
Faced with stagnant oil and gas production, growing oil demand will also boost India's dependence
on imports.
This will directly affect consumers by pushing up fuel prices when oil prices skyrocket, such as gasoline and diesel prices that began to climb in recent weeks as crude reached $80 a barrel in volatile markets
.
The report expects natural gas consumption to grow at an annual rate of 5.
4%, spurred by the rapid expansion of the city's gas network and the adoption of CNG (compressed natural gas) vehicles, outpacing the growth
in total energy demand.
But it suspects it may not be enough to meet the government's target of increasing the share of natural gas in India's
energy mix to 15 percent.
However, the government's focus on clean fuels and renewables will reduce coal's share of primary energy demand from 43.
5% to 36.
3% in 2045, but it will remain the largest source
of energy supply of all energy sources in 2045.
The report argues that with GDP growth of more than 6% annually over the next 15 years, per capita energy consumption has almost doubled, from 4.
65 barrels of oil equivalent in 2020 to 8.
56 barrels of oil equivalent in 2045, making India the fastest growing emerging market economy
.
India accounts for about 18% of the world's population but uses only about 7% of the world's primary energy, with per capita energy consumption of 4.
7 barrels of oil equivalent, compared to 13.
2 barrels
of oil equivalent per capita globally.
