India to become world’s largest oil user by 2035
New Delhi: India’s energy demands and usage will grow at an unprecedented rate among all the major economies of the world by 2035 a development that will make it the largest oil guzzler, a report from the BP Statistical Review of World Energy.
According to reports India overtook Japan to become the Asia’s 2nd and World’s third major oil consumer behind US and China in 2015.
With the country’s energy consumption rate to grow by 4.2 per cent per annum it will overtake China as the largest growth market for energy in terms of volume by 2030.
Oil consumption will rise from 4.1 million barrels in 2015 to 9.2 million barrels in 2035. Natural gas consumption would jump from 4.9 billion cubic feet per day to 12.8 bcfd over the same period of time. Similarly coal consumption is projected to more than double to 833 million tonne.
Its share of global energy demand also increases to become the second largest at 9 per cent behind China at 26 per cent among the BRICS.
The reports also said that the country’s demands for gas will also expand by 162 per cent followed by oil at 120 per cent and coal at 105 per cent. Similarly, the demand for renewable will rise by 699%, with nuclear by 317% and hydro by 97% by 2035.
Declining oil production at -26% is counterbalanced by increases in gas (+154%) and coal (+104), and non-fossil fuels (+312).
Coal remains the dominant fuel produced in India with a 65% share of total production in 2035. Renewable overtakes oil as the second largest, increasing from 4% to 14% in 2035 as oil drops from 10% today to 3% by 2035.