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Foreign News reported on April 29 that Rystad, Norway's largest independent energy consulting company, said that the sharp increase in the number of cases of new coronary pneumonia infection in India will reduce global oil demand and lead to a large excess of supply
.
India is one of the largest oil consumers in the world.
According to the energy consulting company, the Indian epidemic will reduce crude oil demand by an additional 575,000 barrels per day in April, and demand will be reduced by 915,000 barrels per day in May 2021.
Disrupted the almost balanced global oil market
.
Rystad’s senior oil market analyst Louise Dickson said in a report on April 28: “As infections continue to increase and its health system is overwhelmed, India’s oil demand may lose more foundation in the future, which may lead to Further downgrades in quantity and duration
.
”
With the gradual recovery of economic activity, India’s fuel consumption in March rose for the first time in three months, reaching the highest level since December 2019
.
However, the surge in cases of new coronary pneumonia infection in India has caused restrictions on movement throughout the country, which analysts say may hit the fuel demand of the world's third-largest oil importer
.
According to data from the Ministry of Health, India added 379,257 new coronary pneumonia infections on Thursday, and the death toll increased by 3,645
.
Rystad said that the sudden and very strict local blockade in the past few days will cause India's demand in April to drop by 13% from March
.
The report said: “The fall in demand in India is troublesome, especially if its refineries cannot reduce operations to acceptable levels to avoid stockpiles
.
”
Earlier this week, the Organization of Petroleum Exporting Countries (OPEC) ), Russia and its allies will stick to the plan to loosen oil production restrictions in stages from May to July due to optimistic forecasts of recovery in global demand
.
In addition, a report released by the OPEC Technical Committee shows that global oil demand is expected to increase by 6 million barrels per day in 2021, and last year’s demand fell by 9.
5 million barrels per day
.
.
India is one of the largest oil consumers in the world.
According to the energy consulting company, the Indian epidemic will reduce crude oil demand by an additional 575,000 barrels per day in April, and demand will be reduced by 915,000 barrels per day in May 2021.
Disrupted the almost balanced global oil market
.
Rystad’s senior oil market analyst Louise Dickson said in a report on April 28: “As infections continue to increase and its health system is overwhelmed, India’s oil demand may lose more foundation in the future, which may lead to Further downgrades in quantity and duration
.
”
With the gradual recovery of economic activity, India’s fuel consumption in March rose for the first time in three months, reaching the highest level since December 2019
.
However, the surge in cases of new coronary pneumonia infection in India has caused restrictions on movement throughout the country, which analysts say may hit the fuel demand of the world's third-largest oil importer
.
According to data from the Ministry of Health, India added 379,257 new coronary pneumonia infections on Thursday, and the death toll increased by 3,645
.
Rystad said that the sudden and very strict local blockade in the past few days will cause India's demand in April to drop by 13% from March
.
The report said: “The fall in demand in India is troublesome, especially if its refineries cannot reduce operations to acceptable levels to avoid stockpiles
.
”
Earlier this week, the Organization of Petroleum Exporting Countries (OPEC) ), Russia and its allies will stick to the plan to loosen oil production restrictions in stages from May to July due to optimistic forecasts of recovery in global demand
.
In addition, a report released by the OPEC Technical Committee shows that global oil demand is expected to increase by 6 million barrels per day in 2021, and last year’s demand fell by 9.
5 million barrels per day
.
