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India To Surpass China As ‘Main Engine’ Of Global Oil Demand Growth

Posted on 15 April 2016

India could soon overtake China as the country with the biggest thirst for crude oil. The South Asian nation is on track to replace China as the world’s top driver of demand growth for oil, the International Energy Agency (IEA) said Thursday in its monthly oil market report. As its population swells and economy expands, India could see growth of around 300,000 barrels of oil per day in 2016, the strongest volume increase for the country.
Those gains will help offset some of the sluggish demand for oil in China, the United States and much of Europe, the Paris-based watchdog group said. Growth in global oil demand is expected to ease to around 1.2 million barrels a day in 2016, about one-third less than 2015’s expansion of 1.8 million barrels a day………………………………………..Full Article: Source


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