Covid Surge Hits India’s Fuel Demand

摘要

India’s devastating second wave of Covid-19 cases has eroded oil demand growth, with sales of refined products in April contracting sharply versus March, underlining the impact that regional lockdowns are having on the world’s third-largest crude importer (IOD Apr.27’21). Sales are expected to weaken further in May and June as more states shut down and industries suspend production to break the cycle of infections, a move that will hit India’s crude oil imports.