India oil consumption to rise to 7 million barrels a day by 2030: BP Outlook

According to BP's Energy Outlook, India's oil consumption is projected to surge to 7 million barrels per day (mbd) by 2030, up from 5 mbd in 2022 under the 'current trajectory.' This growth trajectory contrasts with China, where oil demand is expected to rise to 17 mbd from 14 mbd. In comparison, the US is anticipated to experience a slight decline to 18 mbd from 19 mbd over the same period. Despite these shifts, India is positioned to remain the world's third-largest oil consumer by 2030.

Simultaneously, India's natural gas consumption is forecasted to increase significantly to 97 billion cubic meters (BCM) by 2030, marking a substantial rise from 58 BCM in 2022. China's gas demand is projected to grow by 22% to 458 BCM, while the US is forecasted to see a modest 4% increase to 917 BCM. Regarding primary energy consumption, India's demand is set to expand by 30% to 55 exajoules (EJ) by 2030 under the 'current trajectory,' with China's consumption rising by 7% to 157 EJ. Conversely, the US is expected to experience a slight decrease, with consumption declining to 87 EJ from 88 EJ in 2022.

Under the net-zero scenario, India's primary energy consumption is expected to reach 53 EJ by 2030, decreasing oil consumption to 6 mbd. China's energy consumption would stand at 148 EJ, with oil demand at 16 mbd, while the US is projected to decrease to 84 EJ, with oil consumption at 17 mbd. Renewable energy consumption is also anticipated to rise across all regions, reflecting global efforts towards sustainable energy solutions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.