India becomes third largest oil consumer

According to recently released BP Statistical Review of World Energy India has surpassed Japan to become the world’s third-largest oil consumer.

With demand of 4.1 million barrels a day (bpd), India is the third-largest consumer behind the United States (19.39 million bpd) and China (11.96 million bpd).

Other Highlights of Review

  • India accounted for 4.5% of world oil consumption in 2015 and its oil demand galloped 8.1% in 2015. India’s oil demand growth had surpassed China’s 6.3 per cent expansion.
  • The US oil consumption has grown by 1.6% in 2015 and it demand share accounts for 19.7% of the total world demand of 95 million bpd in 2015.
  • Japan slipped to the fourth spot after its oil usage contracted 3.9% to 4.15 million bpd in 2015. In 2014, Japan had used 4.3 million bpd, ahead of India’s 3.84 million bpd.
  • Oil remained the world’s leading fuel, accounting for 32.9% of global energy consumption. It is gaining market share for the first time since 1999.
  • Coal is the second-largest fuel by market share (29.2%). Natural gas’ market share of primary energy consumption stood at 23.8%.
  • In 2015, the global demand for primary energy grew only 1% which is significantly slower than the 10-year average.
  • It reflected continued weakness in the global economy and lower growth in Chinese energy consumption as the country shifts from an industrial to a service-driven economy.

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Categories: Business & Economy Current Affairs 2017India Current Affairs 2017

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