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India’s Oil Demand Falls Most in 13-Years

Oil

India’s monthly oil demand fell 4.5% year-on-year in January (the largest decline since May 2003) to 15.5Mt, reports Bloomberg citing data from the Oil Ministry’s Petroleum Planning and Analysis Cell. India’s economic growth has been negatively impacted by the demonetisation in November 2016. Diesel consumption (which accounts for about 40% of total fuel demand in the country) declined by 7.8% to 5.8Mt, the biggest decline since September.