FAST FIVE: India Oil Demand Falls For First Time In 20 Years Due To COVID
India Oil Demand Falls For First Time In 20 Years Due To COVID By Charles Kennedy of OilPrice.com, India's crude oil demand last year fell for the first time in more than 20 years because of the Covid-19 pandemic, Bloomberg has reported, noting that Asia's second-biggest oil importer was expected to report its biggest GDP contraction since records began in the early 1950s.
Even so, the Asian powerhouse remains one of the main global drivers of future oil demand, together with neighbor China.
In fact, BP last year said in its Energy Outlook 2020 that India will be the source of the biggest energy demand growth until 2050.
“Gasoline has already crossed the pre-COVID-19 levels, and diesel too is edging towards pre-COVID-19 levels.
Last month, gasoline consumption in India went up by 9.3 percent on the year, Bloomberg reported, even though diesel fuel demand was lower than a year earlier.