Indian state refiners' gasoline sales in the first two weeks of February fell below pre-pandemic levels, the first decline in about six months, preliminary industry data showed, as record high retail prices hit consumption.
Publishing date: Feb 14, 2021 • February 14, 2021 • 2 minute read •
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(Bloomberg) India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry consultant Facts Global Energy. The increased purchases are coming as India’s top suppliers, including Saudi Arabia and Iraq, curtail output as part of the OPEC+ pact.
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Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry consultant FGE.OPEC+ members are unlikely to change its production policy at their next meeting on March 4, and will probably agree to keep output steady in April
India's shift to exporters like US and Nigeria comes amid an increased demand for gasoline, as the pandemic pushes people to private cars instead of public transport.
OPEC+ cuts and covid has India eying spot crude to feed lighter diet
The Organization of Petroleum Export Countries and partners like Russia began a record output cut of 9.7 million barrels a day last year after the coronavirus pandemic battered demand.Premium
2 min read
. Updated: 15 Feb 2021, 07:31 AM IST Bloomberg
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry estimates
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India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.