Igor Sechin: India could drive almost 50% oil demand growth
India is on track to drive almost 50% of the world's oil demand growth over the next decade, according to Rosneft CEO Igor Sechin at the St. Petersburg International Economic Forum.
He shared that India's oil use could jump by 44%, reaching 8 million barrels a day by 2035, a much bigger leap than the global average rise of just 5%.
Sechin flags $40B benefits, fertilizer risks
Sechin highlighted that Russian oil exports have brought big benefits to India and China (over $40 billion since April 2022) and help keep energy supplies steady.
But he also warned that any trouble in key shipping routes like the Strait of Hormuz could push up fertilizer and food prices, especially for India, African countries, and countries in Southeast Asia.
In fact, fertilizer prices had risen by nearly 60% in the first four months of the year, raising concerns about possible food shortages if supply chains get disrupted further.