Author : TarunMadaan 1
Date of Publication :30th September 2020
Abstract: Crude oil demand in developing countries that are not part of the OECD has risen sharply in recent years. Whilecrude oil demand in the OECD countries declined between 2000 and 2010 .Over the last 30 years , non-OECD oil demand growth, and by extension global oil demand growth, was driven mainly by India , china and Saudi Arabia , which accounted for 90% of this growth.Recently crude oil demand growth of china has slowed to under 0.35 million bbl/day, compared to an average demand growth of over 0.52 million bbl/day in the 15 years prior to 2015 due to rebalancing of government policy. In this new era of slower Chinese growth, a new competitor has emerged: India, whose crude oil demand increased from 0.33million bbl/day to 0.45million bbl/day in 2015, was the main driver of non-OECD oil demand growth. In this paper an attempt has been made to find an impact of economic growth on crude oil demand in India.we have used the yearly data from 1986 to 2015.Present study also examined that there is a positive correlation coefficient (0.36)between GDP growth rate and crude oil demand in India.
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- International economic statistics (IES) retrieved from http://www.libguides.princeton.edu/internationalecon
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