S&P Global Platts cuts India's 2021 oil product demand forecast by 9%

The total oil demand in India, according to their estimate, had declined to 470,000 b/d in 2020

S&P Global Platts has cut India’s 2021 demand forecast for oil products by 9 per cent to 400,000 barrels per day (b/d) now, as compared to 440,000 b/d estimated last month. The latest revision, S&P Global Platts said, was done after taking into account the surging Covid cases across the country that have triggered lockdowns and mobility curbs across key economic hubs in India.

“Lockdowns have been imposed in some pockets and provinces. Therefore, we have adjusted India's total oil product demand growth for 2021 down to 400,000 b/d for the latest update, as against 440,000 b/d last month, pending