India replaces China as World's largest consumer of oil

New figures indicate that India has replaced China as the world’s largest source of oil demand growth.

It still has a long way to reach China on an absolute basis, but growth will increasingly come from the sub-continent.

  Because of its rapidly rising import dependence, India is also following in China’s footsteps in its decision to build out its strategic petroleum reserves (SPR). 

India’s first phase of SPR construction includes three facilities with a combined capacity of 39.1 million barrels, or about 13 days’ worth of supply based on 2015 data.

 India hopes to add another 91 million barrels by 2020. 

The country's objective is to eventually have 90 days’ worth of supply, which is what IEA member states, including the U.S., have in their stockpiles.