Oil Import Dependence

India’s oil demand will rise 50% by 2030 as against a global expansion of 7%, the International Energy Agency (IEA) has forecast in its latest report.

India’s oil consumption is forecast to rise from 4.8 million barrels per day (mbd) in 2019 to 7.2 mbd in 2030 and 9.2 mbd in 2050, as per the IEA’s key scenario based on stated policies.

India’s Import Dependence

• Limited Domestic Resources: Unlike coal, India has limited domestic resources of oil, largely relying on imported crude to meet its needs. India has become the second‐largest net oil importer after China.
• Issue of Rising Imports: Crude ....