Earlier this month, Fitch Solutions slashed its 2020 forecast for India’s oil demand growth to 3% from an earlier estimate of 5% because of weaker economic growth prospects in the coming quarters. The International Energy Agency, which expects the country to be the fastest-growing oil consumer through 2040, expects India’s demand growth to slow to 145,000 barrels a day in 2019 and recover to 180,000 barrels in 2020.
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