India's import of natural gas will double and that of oil will rise 50% by 2030 due to soaring domestic demand while production remains subdued, International Energy Agency (IEA) said in its latest outlook released in the first week.
The demand for natural gas in the country would nearly double to 115 billion cubic meters (bcm) in 2030 from 66 bcm in 2021, with most of the growth coming from manufacturing and other industry, according to IEA's World Energy Outlook based on the stated policies scenario.
Domestic production of natural gas is projected to rise 50% to 48 bcm in 2030, which would be lower than India's output of 51 bcm in 2010. Gas imports will double to nearly 70 bcm by 2030 in the IEA scenario.
India's oil demand is projected to rise from the current 4.7 million barrels per day (mb/d) to 6.7 mb/d in 2030 and 8.3 mb/d in 2050. India's imports of oil would rise from 4.1 mb/d to 6.2 mb/d in 2030 and 8 mb/d in 2050, as per IEA.
The global oil demand is projected to plateau in 2035 at around 103 million barrels per day and then drop by around one million barrels per day by 2050.
The projected loss of oil demand in road transport, buildings and power after 2030 are offset by growth in feedstocks, aviation and shipping, as per the report.
The global demand for natural gas rises at an average rate of 0.4% per year between 2021 and 2030, lower than the 2.2% growth rate between 2010 and 2021. The demand is expected to reach 4,400 bcm in 2030 and stay at that level until 2050.
The global natural gas trade is set to expand at an annual average rate of less than 1% per year from 2021 to 2030, compared to 3% between 2010 and 2021.
The US is projected to overtake Russia as the world's largest Natural gas exporter during this period.