India oil demand growth to lead global gains over next decade, Rosneft CEO says

Rosneft CEO Igor Sechin said India was set to drive much of the world’s oil demand growth. Russian media reported the remarks from the St Petersburg International Economic Forum. Sechin told delegates that India held a key position in the global oil market. The forum ran from June 3 to June 6.

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Sechin also warned that energy supply risks could spill into food markets. Sechin pointed to possible disruption in flows through the Strait of Hormuz. Sechin said such disruption could lift fertiliser prices and then food prices. Sechin said India would be among the most exposed to that impact.

India oil demand growth, IEA outlook and global trend

TASS quoted Sechin saying, "Over the next 10 years, this country will account for about half of the global increase in oil demand,\". Sechin linked the view to International Energy Agency estimates. The IEA projected India’s oil use at nearly eight million barrels per day by 2035. That implied 44 per cent growth.

Sechin compared India’s expected rise with a slower global trend. Sechin said overall world oil demand was forecast to grow by about five per cent. Sechin said India therefore occupied a special place in the oil market. TASS carried Sechin’s comments in its report on Saturday.

Russian oil supplies, India oil demand growth and claimed economic gains

Sechin said Russian oil supplies had delivered economic benefits for India and China since April 2022. TASS reported that Sechin put a value on those gains. Sechin said the cumulative benefits had exceeded USD 40 billion. Sechin also argued that Russia could not be excluded from global supply chains.

Sechin said Russia’s economic partnership with India and China supported stable energy supplies. Sechin linked that cooperation to broader supply chain security. Sechin presented the point while discussing market shifts since April 2022. The comments were reported by the state-run TASS news agency.

Strait of Hormuz risks, India oil demand growth and food-price exposure

Sechin said fertiliser prices had risen by nearly 60 per cent in the first four months of the year. Sechin said supply disruptions could worsen the situation. Sechin said the absence of strategic reserves in affected markets raised risks. Sechin said the outcome could be a global food crisis.

Sechin said India, countries in Africa and Southeast Asia were among the most vulnerable. Sechin tied that vulnerability to any fertiliser supply shock. Sechin said a fertiliser squeeze could trigger a food-price shock. Sechin’s warning focused on the Strait of Hormuz and supply routes.

St Petersburg forum, India oil demand growth and Putin remarks

At the same forum, Russian President Vladimir Putin addressed delegates earlier. Putin referred to attempts to pressure India through sanctions. Putin said efforts to undermine India’s sovereignty would backfire under Prime Minister Narendra Modi’s leadership. Putin made the remarks on Friday while answering a question.

Putin’s response followed comments made the previous night. Putin had spoken during an interaction with heads of leading global news agencies, including. The forum agenda included energy and economic issues. Sechin’s demand and supply warnings and Putin’s remarks were both reported by Russian media.

With inputs from PTI