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India World’s 3rd Largest Oil Importer

India World’s 3rd Largest Oil ImporterIndia 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.

 

Financialtribune.com