London: India’s oil consumption is growing well below its long-term trend as the country struggles with a widespread economic slowdown, including a slump in new vehicle sales.
The slowdown is part of a worldwide economic deceleration, which is weighing heavily on the motor industry. But because India has been so important for growth in oil demand over the last two decades, its downturn is materially shifting oil’s global production-consumption balance and weighing on prices.
