Gibson Shipbrokers: Weekly Tanker Market Report – Week 44 (2020)

30 October 2020

Gibson Shipbrokers

Weekly Tanker Market Report

30 October 2020

Source: Gibson Shipbrokers

Like most nations, Indian oil demand has come under considerable pressure in 2020 as covid-19 derailed the country’s continual demand growth. Nevertheless, the longer-term prospects for Indian oil consumption are good with demand already rebounding even as covid-19 continues to impact the wider economy. This rebound in demand is evident in both refinery and crude buying activity. Indian refinery runs gained 10% month on month reaching 86% in September, with further gains expected for November and December. Government sources have suggested that oil demand could be back to pre-covid levels in the first quarter. Furthermore, official data showed that September gasoline demand recovered to 2.45 million mt, the highest since February and 3% up YOY.

Gibson Shipbrokers – 2020-10-30-Indian-OutlookDownload Full Report

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