Jun 292016

consumer of crude oil

India will remain the third largest crude oil consumer in the world, since India is unlikely to overtake the crude consumption levels in US and China over the next decade, says India Ratings and Research (Ind-Ra).

As per the latest BP statistical review, India has emerged as the third largest consumer of crude oil, after US (19.39mbpd) and China (11.96mbpd) and displacing Japan (4.15mbpd) from the third position. Ind-Ra believes India will remain third, even if Indian consumption grows at a CAGR of 10% (double the rate of crude consumption growth of 4.8% over 2005-2015) in the next decade.

Contributed By Sonia Narula

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