India’s worsening COVID outbreak is set to disturb the nearly balanced global oil market, which will show a surplus of oil supply of as much as 1.4 million barrels per day (bpd) next month amid a sizeable loss of demand from the world’s third-largest oil importer, Rystad Energy says . India has seen fuel demand decline in recent weeks as record-high new coronavirus infections are prompting lockdowns and curfews in many states in the country of 1.3 billion residents, limiting mobility and slowing business activity. India’s combined demand for diesel, the most used fuel in the country, and for gasoline is set to plunge by as much as 20 percent in April compared to March, officials from refiners and fuel retailers told Bloomberg. Demand is further expected to decline in the coming weeks as curfews and localized lockdowns are likely to be extended. The enormous health crisis in a […]