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Economy

India to outpace China in increasing oil demand, report says

New Delhi says it will keep importing Iranian oil despite looming US sanctions

India's oil demand recovered strongly in 2018, due in part to strong sales of commerical vehicles. (Photo by Mamoru Yago)

NEW DELHI -- India's demand for crude oil is rising at a pace that will outstrip China's volume of growth and put the country right behind the U.S. in this measure, a position that will allow the South Asian country to expand its influence in the market for the essential commodity.

The South Asian country has 1.25 billion people and imports over 80% of its oil to fuel its rapidly growing economy. Volatile prices and geopolitical tensions may temporarily lessen India's appetite for crude, but it is unlikely to quash it completely. India's growing presence in the international energy market reflects its large and rapidly expanding economy.

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