ST. PETERSBURG, June 6. /TASS/. India will become a key driver of the oil market over the next decade, accounting for about half of the global increase in oil demand, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said while speaking at the St. Petersburg International Economic Forum (SPIEF-2026).

"India occupies a special place in the oil market: over the next 10 years, this country will account for about half of the global increase in oil demand. According to estimates by the International Energy Agency, oil consumption in India will reach nearly 8 mln barrels per day by 2035. This represents growth of 44%, while global demand overall will increase by only 5%," Sechin said.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.