India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally. Oil imports rose sharply year-on-year by 27.89 per cent to US$ 9.29 billion in October 2017. India is the third-largest oil consuming nation in the world.India will overtake Japan to become the world's third largest oil consumer behind the US and China by 2025.
Domestic gas production in India stood at around 30.92 billion cubic metres in FY17. Production during April-February 2017-18 reached around 29.11 bcm.
In India, auto LPG sector registered sales growth of 4.9 per cent to 346 TMT in 2017. Auto LPG consumption grew 10.7 per cent during April-February 2018. India is the fourth-largest Liquefied Natural Gas (LNG) importer after Japan, South Korea and China, and accounts for 5.8 per cent of the total global trade. Domestic LNG demand is expected to grow at a CAGR of 16.89 per cent to 306.54 MMSCMD by 2021 from 64 MMSCMD in 2015.
The country's gas production is expected to touch 90 Billion Cubic Metres (BCM) in 2040 from 21.3 BCM in 2017-2018 (Apr-Nov).