Stating that the US is likely to go strong with regards to oil demand over 25 years, Spencer Dale, Group Chief Economist of BP said that once the demand begins to grow, it is unlikely to fall sharply. “the better way to think about is to think plateau and not peak”, he said.
Dale further stated that India is expected to be one of world’s largest growth market due to its strong economic growth. Also, good growth of renewable energy along with solar is expected to continue for India. In terms of importing oil and gas, Dale said that Liquefied natural gas market is becoming competitive and India can benefit from the competition.