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India Bets Oil Demand Will Recover Fast From Lockdown Shock

  • Fuel demand to be “as usual” in September quarter: minister
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Pedestrians walk past storage tanks at an Indian Oil Corp. facility near Jawaharlal Nehru Port in Navi Mumbai, India, on March 30.

Pedestrians walk past storage tanks at an Indian Oil Corp. facility near Jawaharlal Nehru Port in Navi Mumbai, India, on March 30.

Photographer: Dhiraj Singh/Bloomberg
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India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC.

“If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at the BloombergNEF Summit, referring to the quarter ending September. “At the end of June, we have already achieved 85% of our demand compared to June 2019.”