• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 2 hours Joe Biden's Presidency
  • 1 min China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 1 hour Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 9 hours Navalny Poisoning Weakens Russo German Relations
  • 10 hours So Is COVID a Media Hoax or Not?
  • 4 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 32 mins Will Empire be brazen about stealing OIL from Venezuela?
  • 17 hours JACK MA versus Xi Jinping
  • 19 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 24 hours Thanks to food countersanctiona after 2014 Russia become net exporter of food
  • 16 hours a In 2020, we produced and delivered half a million cars.
  • 19 hours Minerals, Mining and Industrial Ecology
  • 21 hours Parler’s New Partner Has Ties to the Russian Government
IHS Predicts A Record Year For Renewables In 2021

IHS Predicts A Record Year For Renewables In 2021

This year, renewable installations are…

Energy Shares Plunge As Oil Rally Stalls

Energy Shares Plunge As Oil Rally Stalls

Energy shares were hit hard…

Will Argentina’s Vaca Muerta Shale Play Ever Recover?

Will Argentina’s Vaca Muerta Shale Play Ever Recover?

The COVID-19 pandemic has wreaked…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

World's Third Largest Oil Consumer Sees Very Slow Demand Recovery

Crude oil demand in India will take longer to recover than many hope for as the country braces for the worst recession in its history after a two-month lockdown.

Bloomberg reports, citing Indian oil industry executives, that demand for the commodity might take until the end of the year to return to pre-crisis levels after last month, fuel demand at one point dropped by as much as 70 percent.

Still, most of the demand will return before the end of the year, according to one executive.

“Demand is reaching 60% to 70% of normal, but it will take some time to get to pre-Covid sales,” the chairman of Hindustan Petroleum Corp., Mukesh Kumar Surana, told Bloomberg. “Over a period of two to three months, we should get back to 80% of normal sales. Beyond that, it will be slow.”

Earlier this month, reports said that fuel demand in India had plummeted by more than 60 percent in April, with gasoline sales slumping by 61 percent and diesel sales shedding 64 percent in just the first two weeks of the month.

Due to plummeting fuel demand and overflowing storage capacity, at least three oil refiners in India asked for lower crude oil imports for May from the Middle East, including from the world’s top exporter, Saudi Arabia.

These developments have suggested the recovery in oil imports could take long, too. Yet a report by Reuters citing shipping data obtained from unnamed sources had it that imports of crude oil last month were actually higher on the month, by 5 percent, to an average daily of 4.63 million barrels.

The country’s top supplier of crude oil was Saudi Arabia, replacing Iraq at the top spot thanks to the generous discounts the Kingdom offered Asian buyers to find markets for its surplus oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News