Participated in the Ministerial Panel on “Ensuring Energy Security for Nations and Industry in VUCA World”

Feb 06,2024

Participated in the Ministerial Panel on “Ensuring Energy Security for Nations and Industry in VUCA World” with HE Saad Sherida Al-Kaabi, MoS Energy Affair, Qatar; HE Vickram Bharrat, Minister of Natural Resources of Guyana & HE Haitham Al Ghais, Secretary-General OPECSecretariat at India Energy Week 2024.

Energy functions as the vital force driving economies, propelling industrial expansion, fuelling households, & upholding the fundamental structures of societies.

In a dynamic landscape characterised by fluctuations such as geopolitical tensions, natural disasters, economic shifts, & technological disruptions, or VUCA as ‘volatility, uncertainty, complexity, and ambiguity’ is collectively known, ensuring energy security becomes an indispensable component for all economies.

Due to these geo-political disturbances, while economies around the world have plateaued, India successfully navigated the energy trilemma of availability, affordability & sustainability; & has been experiencing a continuous surge in its economic growth; & aligned with it, a rapid increase in its energy demand as well.

India’s pragmatic stance had a calming influence on global energy flows, a net contributor to global energy stability.

India stands as world’s 3rd largest energy consumer, 3rd largest consumer of oil, 3rdlargest LPG consumer, 4th largest LNG importer, 4th largest refiner and 4th largest automobile market in the world.

India’s current oil consumption is around 5 million barrels per day & it is only a matter of time before it becomes 6-7 million barrels a day. India is likely to account for 25% of global energy demand growth over the next two decades.