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2014-09-02 18:20:00

INDIA OUTPACING CHINA

INDIA OUTPACING CHINA

India's oil demand has grown faster than China's so far this year, highlighting slowing energy demand in the world's most populous country and fueling expectations that India may pick up the slack over the medium-to-long term. The pace of India's demand also reflects optimism about India's economic growth under Prime Minister Narendra Modi.

In absolute terms China is Asia's largest oil consumer, having burned 10.76 million barrels a day of oil and accounting for 12.1% of global oil consumption in 2013, according to BP PLC.BP.LN -0.32% The second-largest oil consumer in Asia is Japan, though its oil consumption has been declining as its economy has matured.

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Tags: INDIA, CHINA, OIL, BP,
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