Indian refining companies are snapping up rare crude grades as the coronavirus outbreak curtails China's demand for processing, executives and traders said, with prices for some grades falling by as much as 15 percent.
India's oil demand is expected to reach six million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making it more reliant on crude imports and more vulnerable to supply disruption in the Middle East.
This summer, US airlines have enjoyed booming flight demand, immune to a Swedish-born “flight shaming” movement that has hit air travel in Europe, where environmentally conscious travelers are choosing trains over planes.
Toyota Motor Corp. aims to have half of its global sales from electrified vehicles by 2025, five years ahead of schedule, and said it will tie up with Chinese battery makers to accommodate an accelerated shift to electric power.
Japan’s exports fell for a fourth straight month in March as China-bound shipments slumped again, reinforcing growing anxiety that weak external demand may have knocked the economy into contraction in the first quarter.