India to emerge top oil consumer by 2050

New Delhi: India’soil demand will rise more than those of any other country through 2050 on the back of its fast growing economy, and will account for over 12 per cent of the global energy market, BP chief economist Spencer Dale said Monday.

India is the world’s third-largest oil importing and consuming nation, and fourth-largest LNG importer. Its oil demand is projected to grow from 5.4 million barrels per day to 9.1 million bpd by 2050 while natural gas consumption more than doubles to 153 billion cubic meters from 63 bcm. At a conservative 5 per cent economic growth rate per year between 2023 to 2050 - double the rate of growth of the global economy - the country’s primary energy consumption grows strong. By 2050, India will account for 12 per cent of the world’s demand, up from 7 per cent in 2023, he said.