Opec Expects India’s Oil Demand To Rise By 5.8 Million Barrels Per Day By 2040

OPEC Secretary-General Mohammad Barkindo has said Indiaآ‘s enthusiasm and encouragement for producer-consumer dialogue has contributed enormously to helping to restore stability to global oil markets in 2017-19, and then again given the unprecedented downturn in 2020.

On Monday, Barkindo at the ‘Interaction with Global Oil and Gas Leaders’ session of the India Energy Forum by CERAWeek, via videoconference, praised Indiaآ‘s outreach, and its openness to explore ways to further enhance collaboration with OPEC, and to work together to address a variety of key energy issues, such as energy security and energy access. 

“This is not only through our excellent OPEC-India Energy Dialogue that began in 2015 and has become more valuable with each passing year,” Barkindo said, but also through the G20 platform, with Indiaآ‘s support for the stabilizing market role of OPEC and the Declaration of Cooperation participants at G20 Energy Minister Meetings in 2020. 

India has become a global economic powerhouse, accounting for 16 percent of the global economy by 2045, double that of today, he said. Indiaآ‘s oil demand is forecast to raise from 4.7 mb/d in 2019 to 10.7 mb/d by 2045, with its global share rising from 5.2 percent to 10.8 percent by 2045, Barkindo said. India today imports around 80 percent of its oil from OPEC and this level is expected to stay relatively stable in the period to 2045, as Member Countries are forging ever-closer investment ties with your great country, he added.

 

SOURCE: TIMESKUWAIT

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