India is making rapid strides into the global energy market space and is expected to even outrank Russia in the next four to five years. This anticipated position in the oil and energy markets can be attributed to the strong economic growth in the country.
The Executive Director of India Energy Agency (IEA), Dr. Fatih Birol, spoke during the international oil and gas conference, CERAWeek, about the potential growth of India in the energy domain. Not just oil, but the coal and solar industries too are set for a significant leap forward in the years to come.
The Indian delegation for the CERAWeek is led by the Union Petroleum Minister, Dharmendra Pradhan. Other attendees include world leaders from major oil producing countries such as UAE, Saudi Arabia, and Russia among others. Birol appreciated the efforts of the Union Government of India to raise the bar on energy efficiency. He added that India will soon be at the centre stage of global energy markets.
IEA, in its annual report released during the conference underscored the unambiguous state of energy demands in India. In an earlier report of IEA, it was stated that India has surpassed China in the demand side of energy industry. However, experts opine that a direct comparison cannot be drawn between the two nations. At present, the per capita oil consumption in India is 1.2 barrels per year and it is expected to hit the 1.5 barrels figure by 2022.