Crude oil consumption and forecast (MT)

Consequently, India's energy demand as a percentage of global energy demand is expected to rise to 11% in 2040 from 6% in 2017. ■ Crude oil consumption is expected to grow at a CAGR of 4.59% to 500 million tonnes by FY40 from 233.3 million tonnes in FY24. · Natural Gas consumption is forecast to increase at a CAGR of 12.2% to 550 MCMPD by 2030 from 174 MCMPD in 2021. · According to IEA, India is projected to emerge as the largest contributor to global oil demand growth within the next seven years. The country, already the world's second-largest net importer, faces a 22% decline in domestic production, reaching 540 thousand barrels per day (b/d) by 2030 Notes: F-Forecast, MT -Million Tonnes, MCMPD -Million Cubic Metres Per Day Source: BP Statistical Review of World Energy 2019, BP Energy Outlook 2019, News Articles