In an unexpected twist of fate, India is set to outpace the world in oil demand growth by 2030, a report unveiled at the second edition of India Energy Week 2024 in Goa reveals. The International Energy Agency (IEA) forecasts that the subcontinent’s burgeoning urban sprawl, industrial might, and burgeoning middle-class yearning for mobility and cleaner cooking methods will spearhead this growth.
Dubbed the “Fuelish Growth Story,” this surge is not just about numbers; it’s a narrative of India’s stride toward prosperity and cleaner energy practices. The IEA’s “Indian Oil Market Outlook to 2030” points to a tripling of LPG imports over the past decade, thanks to government-led clean cooking initiatives, as a testament to this shift.
With an anticipated jump of nearly 1.2 million barrels per day, India’s oil appetite will account for a whopping one-third of the global increase, hitting 6.6 mb/d by the end of the decade. Diesel and gasoil are the main characters in this drama, with demand for jet kerosene and gasoline also making significant contributions, albeit in supporting roles.
The electrification of India’s vehicle fleet and the expansion of the petrochemical industry for LPG demand are co-stars in this unfolding saga. Meanwhile, the Indian government’s commitment to decarbonization shines through its efforts in biofuel promotion, pushing the envelope with an ambitious ethanol blending target.
As India gears up to add more refinery capacity than any nation except China, the report also highlights the potential for even more capacity increases, which could further solidify India’s pivotal role in the global oil narrative.
India Energy Week 2024 itself is a beacon of India’s energy aspirations, drawing in energy ministers, industry leaders, and innovators from across the globe. With a focus on integrating startups into the energy value chain, the event promises to be a crucible for the energy solutions of tomorrow.
So, as India fuels up for a future of growth, the world watches closely. The road ahead is paved with challenges, but also opportunities for innovation and sustainability in this fuelish quest for progress.