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According to the Indian Petroleum Planning Analysis Cell (PPAC), fuel consumption in India is expected to increase by 9.8% from 196 Mt in the financial year 2020-2021 to 215 Mt in 2021-2022. This would be its highest growth in 6 years, spurred by a strong recovery in industrial activity after the pandemic (India's fuel consumption fell by 13.5% over the April 2020-January 2021 period due to lockdown measures). Demand for gasoil and gasoline, which account for 50% of refined fuel sales in India, should rise by more than 13%.
According to the Japanese Ministry of Economy, Trade and Industry (METI), renewable power sources are expected to account for 22% of the country’s power mix in 2030, if half the already-approved capacities including solar, wind and biomass projects under the country's feed-in-tariff (FiT) scheme come online. If all the approved projects are commissioned by 2030, the share of renewables in the power mix should reach 25%, with 9.3% of solar, 7.8% of hydro, 5.8% of biomass, 2.2% of wind and 0.3% of geothermal. Under this scenario, the purchase cost of the FiT-supported renewable electricity should increase to JPY4,900bn (US$45.8bn).
The State Grid Corporation of China has unveiled its carbon neutrality action plan, which intends to step up the development of clean energy infrastructure, including wind, solar and hydropower for generating electricity, in order to reach 50% of "clean" electricity in transmitted volumes by 2025. State Grid expects wind and solar installed capacity to hit 1,000 GW by 2030, while hydropower capacity could attain 280 GW and nuclear capacity 80 GW by 2030. According to the Chinese power transmission system operator, the share of fossil fuels in primary energy consumption should decrease from 88% in 2019 to 80% in 2025 and 75% in 2030. The share of electricity in final energy consumption is expected to reach 30% in 2025 and 35% in 2030 (24% in 2019). The company will also improve the efficiency of existing infrastructure, while developing innovative energy technology.
According to the US Energy Information Administration (EIA), the United States is expected to become a net importer of petroleum (i.e. crude oil, refined oil products, and other liquids) on an annual basis in both 2021 and 2022 because of declines in domestic crude oil production and corresponding increases in crude oil imports. In 2020, the US crude oil output decreased by 0.9 mb/d (-8%) to 11.3 mb/d because of well curtailment and a reduced drilling activity due to low crude oil prices.
