The next China?

Strong GDP growth, coupled with some reforms at home, could make India a new engine of global energy demand

Stepping up to take China’s place at the centre of global oil-demand growth is the rest of Asia, led by India’s ballooning economy. The world’s third-largest importer of crude could also become an important market for liquefied natural gas.The macroeconomic picture is a source of hope for a hard-pressed oil market. India’s GDP expanded 7.5% last year, faster than the 6.9% growth in China, according to official data. IHS Global Insight, a forecaster, predicts India’s economy will grow by an average of 7.6% every year until 2020, compared with an average 6.7% over the past five years.  While markets remain focused on slowing Chinese end-product demand, Indian oil consumption also soared in 201