19421
India World’s 3rd Largest Oil Importer
Energy

India World’s 3rd Largest Oil Importer

India is now the world’s third largest importer of crude oil after the United States and China.
The country’s oil imports have steadily climbed along with its growing economy, oilprice.com reported.
India has surpassed Japan in terms of oil imports multiple times over the past few years, and could trade spots again. But while they duel it out in the short-term, the outlook is clear.
India’s import dependence is rising fast and it will be one of the largest sources of demand growth for the foreseeable future.
The International Energy Agency predicts that India will burn through 4.1 million barrels per day (mb/d) in the second quarter of this year, edging out Japan’s 3.8 mb/d. India offers a fast growing market for Middle East oil.
Iran’s oil production jumped by 90,000 barrels per day in April – the highest level in three years – because India imported more. Saudi Arabia is also trying to grab a slice of the growing Indian market.

 

Short URL : http://goo.gl/PJtMjq

You can also read ...

Philippines Struggles to Embrace Renewable Energy
Renewable energy costs are falling across the world, but the...
Oil Prices Rise as China, US Put Trade War on Hold
Oil prices rose on Monday as markets reacted to news that...
India to Keep Fuel Prices in Check
India is looking at ways to keep rising fuel prices in check,...
OPEC Not Rushing to Boost Production
OPEC is not in a rush to start winding down the production...
Iran's electricity industry ranks 14th in the world in terms of output.
Driven by its vast potential in the electricity industry, Iran...
Shourijeh Gas Storage Capacity to Reach 4.5 bcm
Shourijeh natural gas storage facility in the northeastern...
Changing Working Hours  Could Help Save Electricity
Changing working hours in state organizations during peak...

Trending

Googleplus