Nearly 70% of global oil demand growth between 2010 and 2040 is projected to come from emerging economies, of which the two largest are China and India. Demand growth from these two countries alone is greater than combined demand growth from the rest of the world.
Now India has passed Japan to become the world’s third largest oil importer behind the United States and China. Not only that, India’s oil use rose by 300,000 barrels a day in April, putting the South Asian country in position to surpass China’s estimated demand growth in 2015 of 295,000 barrels a day.
More of India’s oil is coming from the Middle East as well. Iran shipped 160,000 barrels a day to India in the first four months of this year, and Iraq shipped an average of 555,000 barrels a day in the same period. Saudi Arabian exports to India totaled about 795,000 barrels…
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