India, the world’s third-largest oil importer and consumer, turned from the worst-performing demand market in July into one of the fastest-growing fuel demand markets in November, lending support to oil prices together with strong demand in China and progress with vaccine development and rollout. India’s demand for all types of petroleum products has nearly reached pre-COVID levels, prompting domestic refineries to crank up crude oil processing rates. The rebound in one of the world’s biggest oil growth drivers before the pandemic highlights the two-speed global oil demand recovery, with Asia driving higher consumption and consequently, oil prices, while Europe and the United States are reeling from renewed restrictions to fight record COVID-19 infections. India’s recovery is also indicative of the immediate support that strengthening oil demand in the key Asian markets, China and India, gives to oil prices, unlike vaccine news, which contains more forward-looking expectations of mass vaccinations […]