New Delhi: India is set to become the world’s third largest oil importer after the US and China before 2025, according to the International Energy Agency (IEA).
While India’s importance as an exporter of refined oil products would increase on the back of planned investments in this space, the energy needs would propel India to overtake Japan as the third largest net importer of oil before 2025.
India is ranked fourth in terms of oil imports. According to the ‘World Energy Outlook 2007´ report published by IEA, rapid economic development in China and India would push up the global energy demand.
In addition, the growing demand from the two Asian nations would also bring major economic benefits to the rest of the world.
“Economic expansion in China and India is generating opportunities for other countries to export to them, while increasing other countries’ access to a wider range of competitively priced imported products and services.”
“But growing exports from China and India also increase competitive pressures on other countries, leading to structural adjustments, particularly in countries with competing export industries,” IEA noted.
Dominated by fossil fuels, India and China would account for 45% of the world’s energy needs in 2030.