By 2025, India to replace Japan as third-largest oil consumer: US
According to the US Energy Information Administration (EIA),India will overtake Japan to become the world’s third largest oil consumer behind the US and China by 2025.
As per EIA’s Annual Energy Outlook:
- India’s oil consumption will increase from 3.68 million barrels per day (bpd), or 173.5 million tonnes, in 2012 to 5.19 million bpd in 2025, catching up with Japan’s 4.38 million bpd consumption. Japan consumed 4.75 million bpd of oil in 2012.
- At present, India is the fourth largest oil consumer in the world behind the US, China and Japan.
- Though the US will remain the world’s biggest oil consumer but its demand growth will be almost negligible.
- With 3% compounded annual growth rate, India’s oil consumption growth rate from 2012 to 2040 will be highest in the world. Its oil consumption will reach 6.11 million bpd in 2030 and 8.33 million bpd in 2040.
- India meets around 80% of India’s oil requirements through imports.
- In 2013, India overtook Japan as the world’s third-biggest importer of crude oil.
- According to International Energy Agency, India will become the world’s largest oil importer by 2020.
Month: Current Affairs - May, 2014