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India to Account for Half of Global Increase in Oil Demand Over Next Decade

Rosneft CEO Igor Sechin has said India will account for about half of the global increase in oil demand over the next decade.

Speaking at the St Petersburg International Economic Forum, Sechin said India occupied a "special place" in the global oil market, the state-run TASS news agency said.

"Over the next 10 years, this country will account for about half of the global increase in oil demand," Sechin said.

Sechin cited International Energy Agency estimates projecting that India's oil consumption would reach nearly eight million barrels per day by 2035, representing growth of 44 per cent, while global demand overall would increase by about five per cent.

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