India to account for about half of global oil demand growth over next 10 years — Sechin

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India is set to dominate global oil demand growth over the next decade, with the country accounting for about half of the world's increase in oil consumption, according to Igor Sechin, chief executive of Russian oil producer Rosneft.

Speaking at the 29th St. Petersburg International Economic Forum (SPIEF-2026) on June 6, Sechin said India's oil consumption is expected to rise by 44% to nearly 8 million barrels per day by 2035, based on projections from the International Energy Agency (IEA). He also projected that global oil demand overall would increase by only 5% over the same period.

The remarks, carried by both TASS and The Hindu, highlight India's growing weight in global energy markets — a key pillar of Russia's energy export strategy.

Coverage Comparison

Two outlets covered Sechin's remarks: TASS, Russia's state-run news agency, and The Hindu, India's privately owned newspaper. Both reported the central thesis — India's half share of global oil demand growth — but their reports differed in emphasis and detail.

TASS, an official media channel for Russian governmental positions, focused on the IEA projections and the broader context of the SPIEF forum, with a formal tone and no additional analysis.

The Hindu, in contrast, broadened the scope by including Sechin's warning about the Strait of Hormuz conflict and its implications for India's energy security. The outlet also added India's electricity demand growth projection — 80% by 2035, approaching 3,000 terawatt-hours — and observed that this would approach the current consumption levels of the European Union. This framing aligns with India's close attention to energy dependencies and geopolitical risks.

The descriptions of India in the two accounts also differ. TASS called India "a special place" in the oil market, while The Hindu quoted Sechin referring to India as a "strategic partner" and a "key driver" of global energy consumption growth. The Hindu also used more analytical language, such as "growing dependence" and "heightened strategic risk," indicating active editorial interpretation rather than just verbatim transcription.

Key Claims

According to TASS and The Hindu, Sechin's speech included the following assertions:

• Half of global oil demand growth: Over the next 10 years, India will account for about half of the global increase in oil demand. This is the central claim of both reports.

• Oil consumption to reach nearly 8 million bpd by 2035: Both outlets reported that Sechin, citing IEA estimates, said India's oil consumption would rise by 44% to nearly 8 million barrels per day by 2035.

• Global demand growth only 5%: Sechin was reported by both sources as saying that global oil demand would grow by only 5% over the same period, a figure that matched India's disproportionate contribution.

• Electricity demand growth by 80%: According to The Hindu, Sechin also projected that India's electricity demand would surge by 80% to almost 3,000 terawatt-hours by 2035. This claim was not mentioned in TASS's report.

• India's energy security risks: The Hindu reported that Sechin warned about the conflict around the Strait of Hormuz, which could interfere with India's energy supplies, because India depends heavily on imports and is a major driver of global demand growth. This statement was quoted by The Hindu but not by TASS.

• Russia's economic partnership: The Hindu quoted Sechin as saying that Russia's economic partnership with China and India would ensure stable supplies to both countries, although this claim is not made in TASS's. The statement implies a strategic alignment, but it was not thoroughly developed or attributed further.

Perspectives

The viewpoints in this article are largely those of Igor Sechin, a close ally of Russian President Vladimir Putin and head of Rosneft. His remarks reflect Russia's interest in positioning India as a strategic partner amid Europe's reduction of energy purchases from Russia at the time of the Ukraine conflict. By emphasizing India's rising oil demand, he also underscores Russia's southern oil pivot.

The absence of alternative expert views in these reports leaves the figures unverified and subject to potential bias — as both outlets noted that they were citing IEA projections, the quantitative details matter.

For India, the news is interesting both from an economic perspective, as the country buys a large portion of its oil from Russia, and from a national security standpoint, as it highlights a high-risk transit route at a time of conflict in West Asia.

In sum, Sechin's address at SPIEF offers a clear picture of India's growing weight in global energy markets, but readers may need to seek additional context and verification and alternative forecasts from other consultants and agencies to fully balance the outlook.

This article is based on reports from TASS and The Hindu. Every effort is made to attribute claims correctly, but it is not to know in full extent of either source's original report since only extracts have been reviewed.