• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 1 hour Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 5 hours The Inconvenient Truth Of Electric Cars
  • 5 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 15 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 6 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 14 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours The Plastics Problem
  • 2 hours Hydrogen FTW... Some Day
  • 5 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 46 mins Section 232 Uranium
  • 12 hours California and Oil
The Last U.S. Oil Major In Venezuela

The Last U.S. Oil Major In Venezuela

Chevron is the last U.S.…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

India Set To Become World’s Fastest Growing Energy Market

New Delhi

Moody’s predicts India will surpass China as the fastest growing energy market in the world by the end of next year, according to a new report by the credit rating agency.

“As Chinese economic activity dials back, we expect its refined product demand growth will moderate to 2.5-3 per cent in 2017-18 which is nearly half of higher CAGR of 5 per cent in 2012-16. Still in absolute terms, China will still account for 48 per cent of Asian R&M demand growth in 2018,” the Moody’s report says.

Still, economic uncertainty in both China and India makes it difficult to determine whether or not India will actually be able to claim the top spot for energy growth.

“Given the oil sector’s reliance on China and increasingly India, we believe demand would face considerable risks if economic growth weakens materially below our expectations,” the report states.

Overall, Asia will continue to import fossil fuels to meet energy demand because refining capacity will be unable to keep up with regional energy appetite.

Last month, India reached a 14-year low in fuel demand as a massive flooding event unfolded over the course of a few weeks in vulnerable metropolitan areas. Assam, West Bengal, Bihar, and Gujarat all suffered from severe rain, causing demand for fuel for cars to drop. Flooded roads tend to lower the thirst for gasoline and transportation-related fuels.

Related: This Giant Oil Trader Sees Upside For Oil Prices

“Severe flooding in parts of the country may have impeded freight and manufacturing activities causing overall demand to contract,” Nevyn Nah from Energy Aspects said. “Also, demand growth was exceptionally strong in August last year resulting in a high base.” Last August’s figures showed 18 percent growth compared to the previous month.

India is ready to buy oil from Russia, the United States, and any other trustable producer as the country’s middle class grows quickly.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News