Sechin called India a key driver of global energy consumption growth

In the next 10 years, India will provide about half of the global increase in oil demand, said Igor Sechin, executive secretary of the Presidential Commission for the Development Strategy of the Fuel and Energy Complex and Environmental Safety, as part of the SPIEF 2026 Energy Panel.

"Today, India's economy is one of the key drivers of global energy consumption growth. According to the forecast of the International Energy Agency, in the next 10 years, this country will provide about 15% of the global increase in energy demand. It is expected that by 2035, consumption in India will grow by 80% to almost three thousand terawatt-hours and will almost equal the consumption of the European Union," Sechin said.

Sechin also noted India's special place in the oil market. "In the next 10 years, this country will provide about half of the global increase in demand for non-oil," he explained.

Sechin also added that according to the International Energy Agency, India's oil consumption will reach almost eight million barrels per day by 2035. This is a 44% increase, while global demand will grow by only 5%.

"The conflict in the Strait of Hormuz, as well as new risks, unfortunately, will negatively affect the realization of the needs of the Indian economy. But at the same time, it is also an incentive to find long–term solutions in the field of energy security," Sechin stressed.