India's primary energy demand to see CAGR expansion of 2.7% over next two and half decades

The Organization of Petroleum Exporting Countries or OPEC came up with an upbeat assessment of long-term energy demand for India. OPECs World Oil Outlook noted that India primary energy demand is set to see an expansion of 2.7% on a CAGR basis between 2024-2020. The total primary energy demand is seen at 22 million barrels oil equivalent per day (mboe/d) in 2024 and is likely to hit 43.6 mboe/d by 2050. OPEC sees crude oil accounting for a 31% share of this 2050, increasing from 25.1% right now. Coal dependence is set to fall from 45.8% to 29.6% while the share of gas is estimated to rise from 5.6% to 11.6% during the same time.

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