The week got off to a promising start with prices hitting their highest level since March 18 after Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. But things went downhill from there on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surged to record highs.
These new concerns over demand essentially became the theme of the week as a series of bearish developments outweighed few potentially bullish developments.
India Records World’s Highest Daily Covid Total
India, the world’s third-largest oil user, on Thursday reported the world’s highest daily increase to date with 314,835 new coronavirus cases.
Indian Oil Corp Ltd’s refineries are operating at about 95% of their capacity, down from 100% at the same time last month, two sources familiar with the matter told Reuters.
Japan Announces Third Wave of Lockdowns
Japan, the world’s No. 4 oil importer, is expected to announce a third wave of lockdowns affecting Tokyo and three western prefectures, media reported.
The Japanese government plans to declare a state of emergency for the third time for Tokyo and three other prefectures following a resurgence of new COVID-19 infections, Prime Minister Yoshihide Suga said on Thursday.
Iran and World Powers Make Headway…