India Oil & Gas Q4 2020
The outbreak of Covid-19 and the measures put in place to prevent its spread are having large and disruptive impact onboth the upstream and downstream sectors. The demand for both refined fuels and natural gas is set to contract in 2020, largelydue to extensive travel restrictions and a sharp slowdown in economic activity in Q2. In response, Indian refiners are enacting steeprun cuts, in an attempt to tackle the domestic oversupply and protect refining margins. The drop in demand is also undercuttingperformance of the upstream O&G sector, as low prices trigger steep cuts to spending and force majeures issued by buyersnecessitate production shut-ins. That said, there are signs that the nadir for demand has been passed and as restrictions areunwound and the economy is allowed to normalise over H2, both the upstream and downstream sectors will begin to recover.
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