India oil demand rises for first since February
|In a sign of economic recovery gathering traction, India's total petroleum demand rose 2.7% year-on-year in October, reaching 17.8 million tons, according to provisional data published by the oil ministry’s Petroleum Planning & Analysis Cell. That's the first monthly rise since February.
Notably, demand for naphtha soared and consumption of the petrochemical industry feedstock surged 15%, according to Bloomberg. The country’s market for refined products should be “near normal” by the first quarter of next year, Indian Oil Corp. Chairman Shrikant Madhav Vaidya said at the Adipec conference on Thursday.
The Indian government imposed a lockdown in the last week of March to contain the coronavirus which remained in effect almost till the end of September.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.