for a time India's Asia's second largest
economy trailed in the shadow of its
faster growing brethren first Japan then
Korea China have all led the Asian
growth miracle at one point or another
one reason perhaps India's not much of
an exporter its exports account for just
1.7 percent of oil trade China's share
is seven times that India though is on a
roll recently despite a tough period of
drought inflation's under control and
the rupee has held relatively stable
over the past year another sign of rude
health the recent surge in India's oil
consumption at just over 4 million
barrels per day in 2015 it will soon
surpass that of Japan the world's number
3 now consultants rystad Energy expect
India to be on a par with China as a
major contributor to global oil demand
growth this year though China led the
way on crude consumption after the
global financial crisis India's pull on
oil supply has come on strong in the
past couple of years and as it produces
only a quarter of its needs a lower
proportion than China India needs all
the oil it can get that oil goes to
filling the tanks of India's rapidly
expanding fleet of two and four wheel
vehicles India's total vehicle fleet
nearly doubled in the seven years to
2014 it's now the world's sixth largest
car market according to the Oxford
Institute for energy studies almost all
of that oil comes from OPEC India's
newer refineries such as Reliance's
Jamnagar in Gujarat the world's largest
refinery require a heavier crude quality
which the Gulf states tend to make for
now Saudi Arabia has top share selling
to India exporting nearly 1 million
barrels per day catching up quickly
though is Iraq with Venezuela and
Nigeria not far behind lurking further
back though is another keen competitor
Iran for this reason all of OPEC will
hope that India's search continues a
tussle for India's trade is likely
underway Iran with its trade sanctions
ending has already begun to win
some supply contracts and we'll probably
battle hard for a greater share of
India's business