on a day when the indian basket of crude oil touched its three-and-a-half year high of $76.31 a barrel, the international energy agency (iea) said in a report that following a growth of 125 kilo barrels per day in 2017, india will see an acceleration in oil demand to 300 kb/d in 2018. this is despite a drop in global demand for oil. on wednesday, the indian basket price touched its highest point since december 1, 2014, when it was seen at $76.43 a barrel. however, since the rupee value against dollar is much depreciated since then, the impact on india's trade balance would be higher. the rupee is at 67.53 a dollar currently against rs 61.80 on december 1, 2014. however, india could expect some moderation in global prices if the global demand falls in the second half of 2018, according to iea report. in the month of march, india’s oil demand rose by a strong 335 kb/d, contributing to a growth of 360 kb/d in the first quarter. a very strong increase in gasoil deliveries (150 kb/d) is primarily responsible, the report said. on the back of pradhan mantri ujjwala yojana, the demand for liquefied petroleum gas also grew by 55 kbd during the first quarter. “all the factors that contributed to a slowdown in 2017 are now behind us e.g. demonetisation, the imposition of the goods and service tax (gst), and the imf forecasts a rebound in economic growth in 2018 to 7.4 per cent,” the report said. on the other hand, global oil demand growth for 2018 has been revised slightly downwa...