Global oil production could fall by about 8 per cent annually over the next decade—the equivalent of losing the combined output of Brazil and Norway—if investment in existing oil and gas projects stops, Union Minister Hardeep Singh Puri said on Tuesday. Speaking at the inaugural session of India Energy Week 2026, he highlighted that conventional energy remains crucial even as renewable energy grows rapidly.

Puri noted that while renewable sources now contribute nearly one-third of global electricity generation, the energy transition cannot rely on replacing fossil fuels alone. “Energy history has never been about replacement only; it has always been about addition,” he said, stressing the need to advance energy transition, security, and system resilience together to meet rising demand.

Over the past decade, renewables have grown from around one-fifth to nearly one-third of electricity generation globally, driven by falling costs and policy support. Yet conventional energy continues to be indispensable, enabling systems to expand and adapt. Without sustained investment in oil and gas, global output could decline sharply, threatening supply stability.

Rising demand is concentrated in emerging and developing economies, with nearly 80 per cent of new energy needs coming from these regions and close to 60 per cent from Developing Asia. As access to mobility, cooling, and digital services expands, energy requirements will grow in both scale and complexity. Currently, around 730 million people live without electricity, and nearly 2 billion still rely on harmful cooking methods, highlighting the need for affordable, clean energy access.

India, the world’s third-largest energy consumer, has shielded its citizens from steep fuel price spikes, keeping LPG prices for over 100 million beneficiaries among the lowest globally. By 2050, India’s share of global energy demand is projected to rise to around 10 per cent, even as per capita consumption remains below the global average.

Puri also highlighted India’s reforms, including the Oilfields (Regulation and Development) Amendment Act, 2025, ethanol blending, bioenergy progress, and shipbuilding for oil and gas transport. These measures reflect India’s commitment to building a resilient energy system that supports growth, strengthens the economy, and ensures sustainability as the global energy landscape evolves.