Amid demand erosion, China likely to supply equity oil to India
A sharp fall in global crude oil demand caused by the Covid-19 pandemic may fuel further cooperation between India and China, the world’s third and second-largest oil importers respectively.
Chinese oil giants are keen to offload their share of so-called equity oil to Indian refiners as the viral outbreak has squeezed demand in their home market, said two people with knowledge of the developments.
The development assumes significance as state-run China National Petroleum Corp.’s (CNPC) overseas equity oil and gas production is expected to touch 100 million tonnes by 2020.
