While the oil world watches what Saudi Arabia and the US will do, it is worth keeping an eye on India, says a report by the International Energy Agency. India is set to pass Japan as the world's third largest consumer of crude oil, behind the US and China, as the country invests millions in improving roads, encouraging a rapid increase in driving; "Indian consumption races ahead as more motorists take to the road, while Chinese demand growth cools in tandem with the economy", says the report. The IEA expects India's annual petroleum imports from China to rise from about 1 million barrels per day (bpd)
While the oil world watches what Saudi Arabia and the US will do, it is worth keeping an eye on India, says a report by the International Energy Agency. India is set to pass Japan as the world's third largest consumer of crude oil, behind the US and China, as the country invests millions in improving roads, encouraging a rapid increase in driving; "Indian consumption races ahead as more motorists take to the road, while Chinese demand growth cools in tandem with the economy", says the report. By 2021, US oil consumption is expected to fall slightly from 2015 levels, while Chinese consumption is still expected to rise 21.4% over that time frame; India is forecast to grow by 27.5%.