India Is Set To Overtake China As The Top Driver Of Global Oil Demand Growth


India is set to overtake China as the biggest source of growth for oil demand by 2024, according to Wood Mackenzie. The country's oil demand is set to increase by 3.5 billion barrels per day from 2017 to 2035, which will account for a third of global oil demand growth. 

On the other hand, China, currently the second-largest oil consumer in the world, may soon need less oil. In 2017, it overtook the U.S. as the biggest importer of crude oil, but it's set to see a decline in oil demand growth from 2024 to 2035. 

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The way Cairn has been treated by the tax authorities does not bode well for developers.

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