India’s oil consumption to surpass all by 2050! 5.4 million to 9.1 million bpd rise predicted; overall world energy share to hit 12%

India’s oil consumption is expected to surpass all other nations by 2050, driven by robust economic growth, accounting for over 12 per cent of global energy usage, according to BP’s chief economist Spencer Dale. As the world’s third-largest oil importer and consumer, and fourth-largest LNG importer, India’s oil demand is projected to rise from 5.4 million barrels per day (bpd) to 9.1 million bpd by 2050, while natural gas usage will climb to 153 billion cubic metres from 63 bcm. Assuming a conservative annual economic growth rate of 5 per cent from 2023 to 2050—twice the global average—India’s primary energy usage is set for substantial growth. Its share of worldwide energy demand is expected to rise from 7 per cent in 2023 to 12 per cent by 2050. “When we look ahead, India is the f