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India's rise to 3rd place in oil demand

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India's rise to 3rd place in oil demand Empty India's rise to 3rd place in oil demand

Post by confuzzled dude Fri Aug 07, 2015 9:26 pm

At 23% of total energy supply, Petroleum is India’s second largest source, half the market share of coal. Boosted by fallen crude prices, India is expected to overtake Japan to become the world’s 3rd largest oil consumer, at about 4.1 million b/d. India is now where China was a decade ago, and oil consumption is strongly linked to economic growth. Petroleum has no large-scale substitute, so as countries develop and install more extensive transportation systems, oil demand increases. Since 2005, India has been responsible for 20% of incremental global oil demand increase, versus 55% for China.

Although Indians make less than 5% of what Americans make, India’s strong economic growth is trickling down to rising personal incomes, up 40% since 2008. The world’s poor want and deserve the same personal mobility Westerners have enjoyed for a century. India’s Middle Class could reach 45% of the population by 2030, up from 22% today and 4% in 2000. With 1,270 million

Gasoline use is up 20% this year, but still only accounts for 10% of India’s oil demand, versus 20% in China and 47% in the U.S. Fourth globally, behind the U.S., China, and Russia, India now has a refining capacity of 4.5 million b/d, double the capacity of 2006. This is more than any country in the Middle East (Saudi Arabia leads at 2.9 million b/d), and potentially reaching 6.3 million b/d by 2020. Within a few years, India could become the world’s largest market for diesel cars, now standing at over 50% of the fleet.
Too many Westerners with all the energy they need are unaware that it’s those humans that DON’T have access to modern fuels such as petroleum that make less money and live less healthy, shorter lives. India is easily the most energy deprived nation on Earth, where a staggering 960 million people live on less than $2 a day, 700 million lack access to modern energy systems like oil, and 310 million have no access to electricity, the foundation of modern society.
http://www.forbes.com/sites/judeclemente/2015/08/07/indias-rise-to-3rd-place-in-oil-demand/

confuzzled dude

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