India has cut its oil product demand forecast for the current financial year due to slower-than-expected economic growth and the impact of higher oil prices. Signs of demand weakness in India, the world's third-largest oil consumer, which imports 80% of its oil needs, could have broader implications for global oil markets and prices. Concerns about global demand, largely stemming from the US-China trade war, have already contributed to a roughly 30% drop in crude oil prices since October (IOD Nov.15'18).
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