Supply Shock to Slash India’s Oil Demand Growth to Pandemic Low

Analysts have slashed their estimates of India’s oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand. Analysts Kpler and Rystad Energy have slashed their gasoline and diesel demand growth estimates for this year by between 30% and 90%, according to figures cited by Bloomberg. Despite the major downward revisions to fuel demand growth in the world’s third-biggest crude oil importer, analysts don’t see this…