Despite a huge push for domestic crude oil production, India is going to be mainly import- dependent at least till 2040 with demand set to increase from 4 million barrels per day (mbd) to 10 mbd, according to British oil giant BP Plc.
BP’s chief economist, Spencer Dale, said on Tuesday though electric vehicles sounded exciting, these were not going to be a gamechanger for global oil demand.
The global energy major’s statement comes at a time when India is planning to cut its crude imports by 10 per cent by 2022, and the government is aggressively pushing for electric vehicles.
On electric vehicles, Dale said, “The general point is that electric vehicles are going to grow exponentially. I believe that from 3 million vehicles globally now, it is going to be around 300 million by 2040.”
Dale added that even though the share of other fuel like crude oil, gas and renewable might increase, India would still be largely dependent on coal.