Last month, Reuters market analyst John Kemp warned that India’s slowing oil demand growth could act as a drag on oil prices despite consumption recently hitting record highs. India’s oil sector recorded robust growth as consumption increased by ~255,000 barrels per day (bpd) during the first seven months of the current year, and was expected to slow down for the rest of the year. Commodity analysts have also started sounding alarm bells over demand destruction as oil prices continue their forward march. "I think you need…
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