Moody’s: India’s Oil Demand Growth to Surpass that of China

SEATTLE (Oil Monster): India's oil demand is expected to expand faster than China's during the next ten years, according to a recent Moody's Ratings assessment. It should be mentioned that throughout the previous ten years, China was the primary force behind the rise in oil demand.

Moody's reports that the rise of demand in China and India is not significantly different. The anticipated scenario is mostly predicated on projections on the acceleration of the demand for new energy cars and the slowdown of economic growth in China. It predicts that during the next three to five years, China's use of crude oil would reach its high. The use of crude oil in India is expected to increase by 3-5% annually during that time.

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China's reliance on imported oil is expected to decrease in the near future, according to Moody's, primarily due to slower growth in demand and higher domestic supply. Over the same time frame, it is anticipated that India's dependency on oil imports will grow.

Chinese national oil companies (NOCs) have made significant investments in exploration and development, according to the research. Over the next three to five years, it is anticipated that investments in the petrochemical and downstream refining industries will gradually decrease. In contrast, it predicts that Indian NOCs would make significant investments in the development of petrochemical and refining facilities over the course of the next five years in an effort to satisfy growing domestic demand.