India nows holds the distinction as third-largest importer of oil in the world.
Overtaking Japan for the number three spot last year, India now ranks behind only the United States and China, according to OilPrice.com.
The country has seen its imports rise over the years as its economy continues to grow. An International Energy Agency report said that India could burn as much as 4.1 million barrels of crude oil per day in the second quarter alone. That’s more than Japan’s expected 3.8 million barrels for the quarter.
There’s even potential for India to take on China for the number two spot. Here’s more via OilPrice:
India could provide a huge source of demand growth, with its additional demand for 2015 (perhaps as much as 300,000 barrels per day) potentially surpassing China’s (295,000 barrels per day). China, for so many years, has been the driver of oil markets. Now, however, China is starting to show signs of more modest GDP growth, and a slowing appetite for crude.
India is also serving as an even bigger market for the Middle East’s oil.