FOR­GET CHINA, IN­DIA IS BE­GIN­NING TO DRIVE OIL DE­MAND

Cambodian Business Review - - India -

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 .)

Photo: Reuters.

In­dia’s de­mand for oil is boom­ing.

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