Happy news from Globe and Mail
As a counterpoint to this oil bearishness, demand from India is rising rapidly, Demand for oil is growing faster in India than anywhere else. It jumped 400,000 barrels a day in the first quarter, to 4.4 million barrels, accounting for almost 30 percent of the increase in worldwide consumption, the International Energy Agency said in May. Driving that thirst is Indias growing car market: Domestic vehicle sales rose 5.6 percent in the year ended in March, to more than 20 million, helping propel a 14.5 percent increase in gasoline purchases. India Is Cutting Oil Deals Worldwide Bloomberg