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India’s Oil Demand Rises Y-o-Y For First Time In 2017

Oil

India’s oil demand rose by 533KT (or 3.3%) y-o-y to 16.79MT in April, marking the first y-o-y rise for the country’s oil demand in 2017, according to data from the country’s Petroleum Planning and Analysis Cell (PPAC). This ends a period of contracting demand (following the November 2016 demonetisation) which had lasted for 3-consecutive months, the first time this has happened since 2013.