Oil storage tanks and pipelines at a refinery in a hazy port city.
India is poised to become the primary driver of global oil demand growth in the coming decade, with projections indicating the nation will account for nearly half of the increase, according to Rosneft CEO Igor Sechin. Speaking on the projected consumption trends, Sechin anticipates India’s oil demand will surge to eight million barrels per day by the year 2035.
Sechin also highlighted the significant economic advantages of Russian oil supplies to both India and China. Since April 2022, these supplies have generated over $40 billion in economic benefits for these key Asian economies. The Rosneft chief also issued a cautionary note regarding global food prices, warning of potential hikes should disruptions occur in the Strait of Hormuz, a critical chokepoint for global oil and trade.
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