InvestorQ : Is it likely that India will see a sharp fall in oil demand in the current month due to COVID?
Chandralekha Desai made post

Is it likely that India will see a sharp fall in oil demand in the current month due to COVID?

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NISHA Nayak answered.
2 weeks ago
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What you are talking about is an estimate put out by S&P Global Platts . For the months of April and May, it has cut India’s oil demand forecast by 9% to 400,000 bpd or barrels per day. The daily oil demand was averaging 440,000 bpd till the end of March. This demand downgrade risk highlighted was on account of surging COVID cases and lockdowns.

S&P Global Platts expects that the demand pick-up would only come by around June 2021. One of the biggest sources of crude demand comes from oil refiners like IOCL and BPCL and both have confirmed they may be forced to scale back crude orders due to the slowdown. Some respite could come from the Indian Railways and manufacturing demand.

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