http://www.bloomberg.com/news/articles/2016-03-14/india-oil-demand-seen-taking-off-as-china-crude-growth-fades
The International Energy Agency estimates India will consume 4.2 million barrels a day of oil this year, surpassing Japan’s 4.1 million barrels. The South Asian nation briefly overtook Japan as the world’s third-biggest oil consumer in the second quarter of last year.
“In recent months, a consensus view has been forming that India will be replacing China as the center of the world’s oil demand growth,” energy specialist shipbroker Poten & Partners wrote in a March 11 report, adding China’s oil demand grew at a compound annual growth rate of 7.75 percent between 2000 and 2005. “If India were to start growing at those rates, this would provide a significant boost to both oil and shipping markets.”
India’s economy is estimated to grow 7.6 percent in the year ending this month, the highest among emerging markets. China expanded 6.9 percent in 2015, the slowest pace since 1990. Total vehicle sales rose 11.8 percent in February compared with a year earlier, according to the Society of Indian Automobile Manufacturers.
The government expects the country’s oil demand to increase 7 percent in the year ending March 31.
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