FORGET CHINA, INDIA IS BEGINNING TO DRIVE OIL DEMAND
India's oil consumption has grown at an average annual rate of 5 percent over the past decade and climbed to over 4 million barrels per day for the first time in the year ending in March, 2016.
India is the world's largest oil consumer after the United States, China and Japan, and set to overtake Japan for the third slot within the next 12-18 months.
Diesel remains the largest end market, accounting for more than 40 percent of all petroleum consumed in the country, according to the Ministry of Petroleum and Natural Gas.
Liquid petroleum gas for cooking and petroleum coke for power generation are other major markets, each accounting for about 10 percent of final demand.
Gasoline, by contrast, accounts for only 12 percent of total consumption, but is the fastest- growing segment, with demand rising by 10 percent a year for the last decade.
Gasoline demand has been accelerating, with consumption up 11 percent in 2014/15 and more than 14 percent in 2015/16. By John Kemp "India is taking over from China as the main growth market for oil," the International Energy Agency observed in its latest petroleum market update ("Oil Market Report", IEA, May .)
India’s demand for oil is booming.