Daijiworld Media Network - St Petersburg
St Petersburg, Jun 7: India will account for nearly half of the global increase in oil demand over the next decade, Rosneft CEO Igor Sechin has said, highlighting the country's growing importance in the global energy market.
Speaking at the St Petersburg International Economic Forum 2026, Sechin said India occupies a special place in the international oil market and is expected to remain a key driver of future demand growth.
According to Russia's state-run news agency TASS, Sechin cited estimates from the International Energy Agency projecting that India's oil consumption will reach nearly eight million barrels per day by 2035, representing a 44 per cent increase over current levels.
He said global oil demand, by comparison, is expected to grow by about five per cent during the same period, with India accounting for roughly half of that increase.
Sechin also said Russian oil exports have generated significant economic benefits for India and China since April 2022. According to his estimates, the cumulative gains from discounted Russian energy supplies have exceeded USD 40 billion.
The Rosneft chief said Russia's energy partnership with India and China has helped ensure stable fuel supplies and argued that Russia remains an indispensable part of global energy supply chains.
He also warned that any disruption to shipping through the Strait of Hormuz could trigger sharp increases in fertiliser and food prices worldwide.
Citing market trends, Sechin said fertiliser prices had risen by nearly 60 per cent during the first four months of the year. He cautioned that prolonged supply disruptions, coupled with inadequate strategic reserves, could heighten the risk of a global food crisis.
According to Sechin, India, along with countries in Africa and Southeast Asia, would be among the most vulnerable to food-price shocks arising from disruptions in fertiliser supplies.
The forum, held from Jun 3 to Jun 6 in St Petersburg, brought together political leaders, business executives and policymakers from around the world to discuss economic and geopolitical developments.
Earlier during the event, Russian President Vladimir Putin said that any attempt to undermine India's sovereignty through threats of sanctions would "boomerang immediately" under the leadership of Prime Minister Narendra Modi. He made the remarks while responding to questions from international media representatives attending the forum.