Oil consumption in India will stop rising in five years
Updated Sep 16, 2020 09:07 am
- Oil consumption in India will stop rising in five years, BP has said in its influential annual energy outlook while also predicting that the global demand for the commodity may never return to pre-COVID levels.
- The expected decline in demand would also hurt refinery runs and companies’ plans to set up new refineries. “Refinery runs in ‘Rapid’ never fully recover to pre-COVID levels and fall by more than 45 mbd to less than half of their 2018 levels by 2050,” BP said in its outlook.