India to Drive Half of Global Oil Demand Growth Over Next Decade: Rosneft CEO Igor Sechin

Russian Energy Giant Sees India Emerging as the World’s Most Important Growth Market for Crude Oil Consumption

ST PETERSBURG (Economy India): India is expected to account for nearly half of the world’s increase in oil demand over the next decade, according to Igor Sechin, Chief Executive Officer of Russian oil major Rosneft, highlighting the country’s growing influence in global energy markets.

Speaking at the St. Petersburg International Economic Forum (SPIEF), Sechin described India as occupying a “special place” in the international oil market and identified the country as one of the key drivers of future energy consumption.

According to Russia’s state-run TASS news agency, Sechin stated that India’s rapidly expanding economy, industrialization, urbanization and rising energy needs will significantly contribute to global oil demand growth in the coming years.

“Over the next 10 years, this country will account for about half of the global increase in oil demand,” Sechin said while discussing long-term energy market trends.

India’s Rising Role in Global Energy Markets

India has emerged as one of the world’s fastest-growing major economies and is currently the third-largest consumer of crude oil globally after the United States and China.

The country’s energy requirements continue to rise due to:

• Rapid economic growth
• Expanding manufacturing activity
• Increasing vehicle ownership
• Infrastructure development
• Urbanization
• Growing middle-class consumption

Analysts believe India’s sustained economic expansion will make it the primary source of incremental global energy demand over the next decade.

Oil Demand Expected to Remain Strong

Despite the global push toward renewable energy and decarbonization, experts believe oil will continue to play a crucial role in supporting transportation, industry, logistics and petrochemical production.

India’s growing aviation sector, freight movement, industrial production and consumer demand are expected to drive significant increases in petroleum consumption.

According to industry projections, India could become one of the largest contributors to global oil demand growth as developed economies witness slower consumption expansion.

Strategic Importance for Global Producers

Sechin’s remarks underscore why major oil-producing nations and energy companies increasingly view India as a strategic market.

Countries such as:

• Russia
• Saudi Arabia
• United Arab Emirates
• Iraq
• United States

have been actively strengthening energy partnerships with India to secure long-term market opportunities.

India’s status as a major crude importer makes it a critical customer for global producers seeking stable demand growth.

India-Russia Energy Partnership Expands

In recent years, India and Russia have significantly expanded their energy cooperation.

Russia has become one of India’s largest crude oil suppliers, with Indian refiners increasing purchases of Russian oil following geopolitical shifts in global energy markets.

The partnership extends beyond crude imports and includes:

• Refining cooperation
• Long-term supply agreements
• Energy investments
• Petrochemical collaboration

Rosneft itself maintains a significant presence in India through investments in the country’s refining and fuel retail sectors.

Balancing Energy Security and Sustainability

While India continues to expand renewable energy capacity and pursue ambitious climate goals, policymakers have consistently emphasized the importance of ensuring affordable and reliable energy supplies to support economic growth.

The government is simultaneously investing in:

• Solar energy
• Wind power
• Green hydrogen
• Biofuels
• Electric mobility

while maintaining adequate access to conventional energy sources such as oil and natural gas.

Experts note that India’s energy transition is expected to be gradual, given the scale of its development needs and population growth.

Economic Growth Fuelling Energy Consumption

India’s ambition to become a developed economy by 2047 is expected to further increase energy consumption across sectors.

Key drivers include:

Growth Driver	Impact on Oil Demand
Manufacturing Expansion	Higher industrial fuel consumption
Infrastructure Development	Increased transportation and logistics demand
Aviation Growth	Rising jet fuel consumption
Urbanization	Greater mobility and energy usage
Rising Incomes	Increased vehicle ownership
Industrialization	Higher petroleum product demand

Global Energy Outlook

Sechin’s comments reflect broader industry expectations that emerging economies, particularly India, will play an increasingly dominant role in shaping global energy demand patterns.

As mature markets experience slower growth, energy producers are focusing on countries with strong demographic trends, expanding industrial bases and rising consumption levels.

India’s combination of economic growth, population size and infrastructure expansion positions it as one of the most important energy markets of the 21st century.

With its economy continuing to expand and energy requirements steadily rising, India is expected to remain at the center of global oil market dynamics over the coming decade.

The projection by Rosneft’s CEO reinforces the view that India’s energy demand will be a major factor influencing global crude oil markets, investment decisions and international energy partnerships in the years ahead.

(Economy India)