COVID-19 impact: Fall in demand to weigh on oil & gas sector; earnings outlook gloomy Even though it is difficult to assess the exact impact of the disruption, the upstream oil companies may experience more heat as the demand for oil is set to fall.
IOC declares force majeure on oil purchases from Saudi, UAE, Iraq, Kuwait IOC has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off road due to the 21-day nationwide lockdown has led to drastic fall in demand. Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
The Economic Times
IOC declares force majeure on buying oil from 4 nations
India switches to world's cleanest petrol, diesel with no increase in prices India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.