BP CEO's Visit, Third This Year, Sheds Light On India's Surging Oil Demand
India's oil demand is expected to rise more than any other country's through 2050, driven by rapid economic growth, according to BP's 'Energy Outlook'.
BP CEO Murray Auchincloss is set to visit India for the third time in just a year, joining UK Prime Minister Keir Starmer's official delegation this week. This development underscores the global energy giant's deepening focus on India, one of the world's fastest-growing energy markets.
Starmer's Oct. 8-9 visit, his first official trip to India since taking office, comes on the heels of a recently finalised free trade agreement between the two nations. He will be accompanied by over 100 British business, academic, and cultural leaders, including Auchincloss, who continues to mark India as a key strategic hub for BP.
This marks Auchincloss's third visit to India in 12 months. In April, he visited soon after BP was inducted by India's state-owned ONGC as a technical partner to help rejuvenate output from the ageing but still vital Mumbai High oil and gas fields.
Back in September last year, Auchincloss led BP's entire board to India, marking only the second time the company's board has convened in the country — the first being in 2013. That inaugural meeting followed BP's landmark $7.2 billion acquisition of a 30% stake in Reliance Industries' oil and gas blocks, including KG-D6.
An official close to the matter said Auchincloss's repeated visits signal the growing significance BP assigns to the Indian market. The company, in partnership with Reliance, is already India's largest private natural gas producer and operates a mobility and fuel retail joint venture spanning petrol stations, EV charging points, and battery-swapping infrastructure.
According to BP's latest 'Energy Outlook' report, India's oil demand is expected to rise more than any other country's through 2050, driven by rapid economic growth. The company projects India will represent more than 12% of global energy consumption by mid-century, up from 7% at present.
BP Chief Economist Spencer Dale and his deputy Gareth Ramsay are currently in India to present these findings to government officials and industry leaders. Their meetings included an interaction with Oil Minister Hardeep Singh Puri.
"Discussed how oil and natural gas have been the bedrock of India's industrial growth and modernization… As we look ahead to Amrit Kaal, the energy sector will play a pivotal role in achieving energy independence by 2047 — a central pillar of Viksit Bharat under the leadership of PM Shri @narendramodi Ji (sic)," Puri posted on X following the session.
India's energy diplomacy is also under global scrutiny. The country remains the largest buyer of Russian seaborne crude, benefiting from discounted barrels that have kept import bills manageable amid global volatility.
This strategy, however, has triggered tensions with the United States. The Trump administration recently doubled tariffs on Indian goods to 50%, among the highest globally, citing India's continued energy trade with Russia as one reason.
Despite the pressure, India's crude oil imports in September 2025 remained stable. Data from global analytics provider Kpler shows Russian oil accounted for nearly 34% of India's total cargoes, while Middle Eastern suppliers contributed just over 44%.
