Platts cuts India's 2021 oil demand by 28%; sees crude topping $70

However, once the lockdowns are lifted, Platts expects the pent-up demand to get released, which in turn will act as a catalyst for economic growth

S&P Global Platts has cut India’s demand for oil & gas amid the second wave of Covid cases that have triggered lockdowns across key states since the past few weeks. For 2021, it now pegs the oil demand growth at 350,000 barrels per day (b/d), down from a forecast of 485,000 b/d made in February – translating into a fall of nearly 28 per cent. India's city gas demand, Platts said, could drop by 25 – 30 per cent in the coming months.

“Since the dramatic escalation of new cases in mid-to-late February, we have revised down India’s oil demand