Our demand for one crude, one price continues: IOC Chairman

The fallout of the Covid-19 pandemic and the current geo-political situation have led to a major shift in how the oil market works. Till yesterday, it was the oil producers who called the shots in the market, but today, it is equally driven by the consumer demand.

Talking to BusinessLine, Sanjiv Singh, Chairman, Indian Oil Corporation Ltd (IndianOil), said: “The oil trade is a finely balanced one; today, this balance is largely controlled by demand. It is not the first time that we witness a substantial fall in crude price and production cuts. But this time, along with all these factors, there has been demand destruction for different reasons. India has always been an advocate of responsible price and still maintains the same view, though the same would be at different value today than before.“