India’s annual fuel demand to decline 5.6% in 2020: IEA
NEW DELHI: International Energy Agency (IEA) has estimated India’s annual fuel consumption – a proxy for oil demand – will decline 5.6% in 2020 to 4.73 million barrels per day (bpd), compared with growth of 2.4% forecast in its March report.
India’s gasoline demand will decline 9% to 667,000 bpd this year, while diesel will drop 6.1% to 1.65 million bpd, the IEA said in a report on Wednesday.
Fuel demand and refinery utilisation rates are being impacted by a nation-wide lockdown to stem the spread of coronavirus.
IEA sees April refinery runs to be 1.8 million bpd lower than recent monthly average levels, with capacity use rising in third quarter on demand recovery.
