India overhauls Japan; now second largest Asian importer of oil
26 Aug 2010
In yet another significant statistic marking the rapid rise of India and China as global economic powers India has overtaken economic powerhouse Japan in demand for oil among Asian nations in the second quarter of 2010. According to Platts, the country's demand for oil in the April-June period stood at 3.1 million barrels per day (mbpd), which was marginally higher than Japan's 3 mbpd.
Of course, India remains way behind China, which registered the highest demand for oil in Asia at almost three times its size.
Platts is a leading provider of information on energy and metals.
''The growth in India's oil demand is an indication of an economy doing well,'' said Vandana Hari, editorial director, Asia, Platts. ''The Indian economy was not as badly hit by the slowdown in 2008 as it is not as dependent on exports as China or Japan, and staged a faster recovery than its Asian counterparts.''
Meanwhile, the latest India Oil & Gas Report from BMI, a leading market researcher, forecasts that the country will account for 12.59 % of Asia-Pacific regional oil demand by 2014, even as it provides 10.13% of its supply.
According to BMI, oil imports in the region will grow rapidly as demand growth outstrips supply expansion. The BMI report points out that the region was importing an average 13.07mn barrels-per-day (b/d) in 2001. This is now projected to rise to 18.32mn b/d in 2010 and 21.32mn b/d by 2014.
The principal importers, says BMI, will be China, Japan, India and South Korea. By 2014 the only net exporter will be Malaysia.
Business Monitor International (BMI) is a leading, independent provider of proprietary data, analysis, ratings, rankings and forecasts covering 175 countries and 22 industry sectors.