*India is perhaps the biggest wild card in terms of 2021 global oil demand (MEES, 14 May). With the country hit by record numbers of Covid-19 cases and deaths, forecasts of a strong rebound in both the country’s economy and its oil demand for 2021 must now be called into question.
*The latest monthly oil market reports from the IEA and Opec both revise down their 2021 economic growth figures for India. But at 10% for the IEA and 9.7% for Opec these forecasts still imply that India’s economy will this year be substantially larger than its pre-Covid level (given that this year’s growth is slated to outweigh a contraction of 7% for 2020). These forecasts look optimistic. (CONTINUED - 894 WORDS)
