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India’s Oil Demand Falls To 5-Month Low

Oil

India’s oil product consumption in July decreased by 809KT m-o-m to a 5-month low of 15.80MT, data from the country’s Petroleum Planning and Analysis Cell shows. However, demand was still up by 168KT y-o-y. Over the first 7 months of the year, India’s oil consumption has totalled 16.42MT, down marginally y-o-y. During the same period in 2016, y-o-y growth was 13.05MT (or 12.8%). The slowdown this year is in part due to the effects of the demonetisation of 500 and 1000 rupee notes carried out in November 2016. For individual products, both gasoline (+958KT) and diesel (+963KT) have seen slight rises in consumption in 2017 to date, while naphtha demand (-828KT) has fallen.