Summary
As the oil executives of India’s major oil companies met in mid-March, they were looking back at yet another year of growth in the demand for oil. Looking ahead, they likely had some apprehensions about pace of economic growth. However, the possibility of seeing the first contraction of oil demand in nearly half a century may not have crossed their minds.
The next couple of weeks brought an unprecedented situation. The demand for transport and industrial fuel didn’t just soften; it contracted sharply in most parts of the world. Refineries and supply chains were forced to slow down. Meanwhile, India’s domestic liquefied petroleum gas (LPG) consumption shot up a......