Earlier in October this year, Moody’s had published a report in which it said that on the back of a 6 per cent demand growth, India will surpass China as the fastest-growing Asian market for petroleum products in 2018. The report from Moody’s further stated that despite the weakening growth numbers in both these countries, China and India will continue to be the key growth engines for the sector in Asia, representing over 80 per cent of the expected growth in 2018, says a report by Moody’s.
Substantiating its argument by quoting the American energy information administration projections, Moody’s report said the demand for petroleum products in the Asia Pacific will rise a modest 2 per cent or 0.7 million barrels per day to 34.6 million bpd in 2018. “Given the oil sector’s reliance on China and increasingly India, we believe demand would face considerable risks if economic growth weakens materially below our expectations. However, India will surpass China as the fastest growing product market in Asia with petroleum consumption growing 6 per cent in 2018,” Moody’s said in a statement in October.
Source- Indian Express