India will become the world’s third largest oil consumer by 2025 according to the US Energy Information Administration (EIA). The US Energy Information Administration (EIA) released its annual Energy Outlook on 7 May 2014.
At present, India is the fourth largest oil consumer in the world behind the US, China and Japan.
According to the Energy Outlook
• India will overtake Japan to become the third largest oil consumer behind the US and China by 2025.
• India’s oil consumption growth rate will be the highest in the world with a 3 percent compounded annual growth rate from 2012 to 2040.
• The oil consumption of India will reach 6.11 million bpd in 2030 and 8.33 million bpd in 2040.
• In 2013, India overtook Japan to become the world’s third-biggest crude oil importer. India imported 3.86 million bpd of crude oil which was nearly 6 percent higher than Japan’s imports of 3648372 bpd.
Besides, the Energy Outlook has projected that the US oil consumption will rise from 18.21 million bpd of oil in 2012 to 19.23 million bpd in 2020.
However, beyond 2020 the oil consumption in the US is projected to fall to 18.97 million bpd in 2025 and to 18.42 million bpd in 2040. At present, the US is the world largest oil consumer but with almost no demand growth.
China’s oil consumption is projected to rise from 10.36 million bpd in 2012 to 15.70 million bpd in 2025 and 20.48 million bpd in 2040 with a compounded annual growth rate of 2.5 percent.