In 2013, China overtook the United States as the world's biggest importer of oil, partly due to rising car sales. According to the EIA, oil demand in China exceeded supply by 6.3 million bpd vs. 6.1 million bpd in the US. Many analysts predict this trend will continue for some years e.g. Macquarie, Wood Mackenzie. There has also been speculation that oil may be priced in RMB although this raises questions over convertibility.
India is the world's fourth largest importer of crude oil. 30% of its refining capacity is concentrated in two refineries in Jamnagar, western Gujarat, owned and operated by Reliance Industries. However, in terms of raw crude oil production, the state of Rajasthan exceeds Gujarat.
India is the world's fourth largest importer of crude oil. 30% of its refining capacity is concentrated in two refineries in Jamnagar, western Gujarat, owned and operated by Reliance Industries. However, in terms of raw crude oil production, the state of Rajasthan exceeds Gujarat.
