INDIA'S OIL DEMAND UP 4.5%
BLOOMBERG - India's oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia's third-largest economy and sales of trucks and buses soared.
The nation's total oil demand expanded to 17.7 million tons in the month from 16.9 million a year ago, rising for eight straight months, according to the oil ministry's Petroleum Planning & Analysis Cell.
Demand for diesel, which accounts for about 40 percent of India's oil consumption, increased 2.7 percent to 7.2 million tons. Demand for diesel is typically muted in April as farming consumption shrinks following the harvest season in March.
India's industrial and economic growth has picked up in recent months. Core sector industrial production rose 4.1 percent in March. Sales of passenger and commercial transport vehicles also surged in April. Passenger vehicle sales, including sport-utility vehicles, rose 7.5 percent during the month, while those of trucks and buses climbed 76 percent. India sold almost 25 million vehicles between April last year and March, including 3.3 million cars and 856,453 trucks and buses, according to the Society of Indian Automobile Manufacturers.
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API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
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