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India Oil Demand Seen `Taking Off' as China Crude Growth Fades

  • Nation's oil demand rose by 300,000 b/d last year: report says
  • China's demand will fail to match India's as economy slows

India is replacing China as the center of the world’s oil demand growth as it’s economy expands faster than any other major country and a growing middle class has more money to spend.

India’s oil demand grew by 300,000 barrels a day last year, double the average rate in the previous decade, according to a report by The Oxford Institute for Energy Studies this month. China’s growth has slowed to 300,000 barrels from an average 500,000 barrels in the decade to 2013 as the government moves the economy away from heavy industry, according to the report.