Rising demand is underpinning the rebound in oil prices, say Gregory Meyer and Neil Hume in the FT. The most eye-catching rise has been in India, which according to the International Energy Agency has eclipsed China as the main growth market for oil. It uses four million barrels of oil per day and is on track to eclipse Japan as the world's number three oil consumer behind America and China.
Demand has "taken off" in the past year or so thanks to an extensive road-building programme the country has 200 million vehicles and a push to bolster the manufacturing sector from 15% to 25% of output by 2022. Annual demand growth averaged 150,000 barrels per day in the decade to 2014, but then doubled last year and has continued to rise steeply.
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