Oil demand in India has been clouding the outlook of global crude consumption since a devastating second COVID wave resurged in the world’s third-largest oil importer three months ago. India’s uneven—and now stalled—recovery has been the key source of concern about global oil demand recovery in recent months, mostly because of the unknowns about when localized lockdowns to fight the spread of the pandemic would end and lift fuel demand for transportation and economic activities. As severe and deadly as the second coronavirus wave in India is, it hasn’t hit the economy and fuel demand as much as the onset of the pandemic hurt the country in April 2020. This year, the central government refrained from imposing a nationwide lockdown as it did last year, fearing an economic collapse during regional elections. But fuel demand did drop in April and May, especially demand for diesel and gasoline, while refiners […]