India's crude oil demand last year fell for the first time in more than 20 years because of the Covid-19 pandemic, Bloomberg has reported, noting that Asia's second-biggest oil importer was expected to report its biggest GDP contraction since records began in the early 1950s. Like most of the world, India implemented strict lockdowns in response to the first wave of infections last spring, which resulted in a 70-percent drop in crude demand.
Refineries cut processing rates, and imports declined sharply. Even so, the Asian powerhouse remains one…India Oil Demand Falls For First Time In 20 Years Due To COVID
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