Oil Demand Slumps 70% in India as Third-Biggest Buyer Shuts Down
- Refiners forecast 50% decline in demand over the entire month
- Gasoline consumption seen shrinking as much as 60%, diesel 40%
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Oil demand in the world’s third-biggest consumer has collapsed by as much as 70% as India endures the planet’s largest national lockdown, according to officials at the country’s refiners.
The estimate for the current demand loss is a stark reminder of the challenge facing oil producers as they haggle over a deal to cut supply and prop up the global energy industry. Consumption for the entire month could average about 50% below last year’s levels but that’s based on India’s three-week lockdown ending April 15 as planned, according to the officials.