India surpasses Japan as world’s third largest oil user

India surpasses Japan as world’s third largest oil user

India, Asia’s second largest energy consumer since 2008, has surpassed Japan as the world’s third largest oil consuming country in 2015, according to data from BP Statistic Review of World Energy 2016.

India accounted for 4.5 per cent of daily global oil demand last year, higher than Japan’s 4.4 per cent which was equivalent to 4.4 million barrels.

China held its position as Asia’s top oil consumer last year, with a 6.3 per cent growth to 11.968 million barrels per day and accounting for 12.9 per cent of global demand despite a slowing economy.

“Chinese consumption slowed further, but still recorded the world’s largest increment in primary energy consumption for the fifteenth consecutive year,” the Review stated.

India overtook Japan as Asia’s second largest energy user after China in 2008, consuming 515.2 million tonnes of oil compared to 469.0 Mt for the region’s second biggest economy.

According to the Review, the US remained the world’s top oil consumer with a daily demand of 19.396 million barrels in 2015, up from 1.6 per cent.

The Ministry of Petroleum and Natural Gas launched a new bid round in May for investors to direct exportation and production from discovered small oil and gas fields in India.

Investors have been invited to present bids to start hydrocarbon production from 46 contract areas, comprising 67 different on shore and offshore oil and gas fields in the country.