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    Home ยป India Sees Oil Returning to Pre-Pandemic Levels by the End of the Year
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    India Sees Oil Returning to Pre-Pandemic Levels by the End of the Year

    June 30, 20211 Min Read
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    India Sees Oil Returning to Pre-Pandemic Levels by the End of the Year
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    India has projected oil demand to return to pre-pandemic levels by the end of this year as the country emerges from the devastations caused by Covid-19.

    • India, which has been hit hard by the coronavirus, has seen sales of gasoline and diesel plunge by about 30% between April and May from 2019 levels.
    • The country has been experiencing recovering fuel demand since the start of June as daily infections decline, which has boosted a bullish narrative of the commodity.
    • India still faces price pressures that could dampen demand recovery, with the country importing about 80% of oil.
    • India is under pressure to seek alternative oil suppliers and energy sources amid rising prices.

    Analysts are projecting a $100 a barrel of Brent Crude, after rallying at least 40% this year

    CL1! is up +1.06%

    Source: Bloomberg

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