Oil and Natural Gas Corp’s (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, India, March 16, 2016. “India is taking over from China as the main growth market for oil,” the International Energy Agency observed in its latest petroleum market update (“Oil Market Report”, IEA, May 2016). India’s oil consumption has grown at an average annual rate of 5 percent over the last decade and climbed over 4 million barrels per day for the first time in the year ending in March 2016. India is currently the world’s fourth-largest oil consumer after the United States, China and Japan, and set to overtake Japan for the third slot within the next 12-18 months ( tmsnrt.rs/1Tgtums ). Diesel remains the largest end market, accounting for more than 40 percent of all petroleum consumed in the country, according to the Ministry of Petroleum […]