Igor Sechin Called India One of the Key Drivers of Global Energy Consumption Growth

In the next 10 years, India will provide about half of the global increase in oil demand, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, at the Energy Panel of the XXIX St. Petersburg International Economic Forum.

"Today, India's economy is one of the key drivers of global energy consumption growth. According to the International Energy Agency’s projections, over the next 10 years, this country will account for about 15% of the global increase in electricity demand. By 2035, consumption in India is expected to grow by 80% to nearly 3,000 terawatt-hours, making it nearly equal to that of the European Union," Sechin noted.

"India also holds a unique position in the oil market: over the next 10 years, the country will account for approximately half of global oil demand growth," Sechin said.

Igor Sechin also added that according to the estimate of the International Energy Agency, by 2035 oil consumption in India will reach nearly eight million barrels per day. This is a growth of 44%, while global demand will grow by only 5%. 

"The conflict in the Strait of Hormuz along with new risks will unfortunately have a negative impact on meeting the needs of Indian economy. But this is also an incentive to seek long-term solutions in energy security," Igor Sechin emphasized.

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Rosneft Oil Company
June 6, 2026