HYDERABAD: Union Minister for Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri stated that there is adequate crude oil supply in the international market and that alternative sources are available if any stream is disrupted. Speaking at the inaugural session of the 28th Energy Technology Meet 2025 on Tuesday, he said, “There is enough supply in the global market of crude. So even if one supply goes down, you put alternatives elsewhere.”
Stressing the rapid transformation of India’s energy landscape, he asserted that India is poised to become the world’s third-largest economy in the energy sector by 2030, up from its current fourth position.
“I continue to be amazed daily by the scale of transformation taking place,” Puri said, adding that the energy and electronics sectors are playing a vital role in achieving Aatma Nirbharta (self-reliance).
Projecting India’s future energy demand, he said, “Very soon, India will drive over one-third of global oil demand growth over the next two decades, emerging as the single-largest contributor to global oil demand expansion.” He noted that the energy sector contributes 19% to the country’s total tax revenue, giving India a strategic advantage as one of the few growing refining markets globally.
India now exports refined petroleum products to over 50 countries, compared to 27 a decade ago, valued at over US$45 billion in FY 2024-25. The country ranks among the top seven exporters globally and aims to be in the top three by 2030.
Speaking about the refining ecosystem, Puri said over 80% of the sector is indigenised, with domestic companies delivering engineering, fabrication and operations, up from less than 50% ten years ago. However, in the refinery catalyst market, valued at US$1.4 billion, India still imports 70–75% of requirements, presenting a major opportunity for local manufacturing.
He emphasised that India is shifting from standalone refineries to fully integrated energy and industrial hubs combining refining, petrochemicals, green hydrogen and logistics.
Outlining India’s future potential, he said the country is uniquely positioned to supply over 5% of global Sustainable Aviation Fuel demand in the coming years, with a production capacity of 8–10 million tonnes annually.
