Indian demand for crude oil will soon outstrip that of China and trail only the US, according to consultancy group Wood Mackenzie. Transport fuels and residential use of liquefied petroleum gas will be the 245,000 main factors in the growth. The South Asian country imports more than 80% of its oil and diesel,and gas demand is predicted to increase 6.4% this year to 112,000 barrels per day. Meanwhile, Chinese demand for the commodities slowed after automobile sales fell for the first time in 30 years last year amid economic concerns surrounding the US trade war.
Indian demand for crude oil will soon outstrip that of China and trail only the US, according to consultancy group Wood Mackenzie. Transport fuels and residential use of liquefied petroleum gas will be the two main factors in the growth. The South Asian country imports more than 80% of its oil and diesel,and gas demand is predicted to increase 6.4% this year to 112,000 barrels per day. Meanwhile, Chinese demand for the commodities slowed after automobile sales fell for the first time in 30 years last year amid economic concerns surrounding the US trade war.