Oil prices Free Read The benefits of the oil-price crash won’t reach India. Blame the closed lanes of lockdown.

An idle pump jack near Karnes City, Texas on April 8, 2020. The demand for oil continues to fall due to the coronavirus outbreak; image credit: AP Photo

Synopsis

It’s a double whammy for India. Its refiners and oil marketers can’t benefit from a benign crude as there is no demand in the economy due to lockdown. In fact, they are facing margin squeeze and heavy inventory losses. Upstream companies stare at low realisation per barrel and 80%-90% dip in profit.