• The IEA said that India's gasoline demand will decline by 9 percent to 6,67,000 bpd this year, while diesel will drop 6.1 percent to 1.65 million bpd

• India's oil demand will decline by 18.7 percent and 2.7 percent in the second and third quarters, said IEA in a report

New Delhi: The Executive Director of IEA (International Energy Agency), Fatih Birol, has said the month of April could go down in the history of the oil industry as 'Black April' and the loss incurred by the sector globally is unprecedented. In a report released on Wednesday, the IEA said that India's gasoline demand will decline by 9 percent to 6,67,000 bpd this year, while diesel will drop 6.1 percent to 1.65 million bpd. It added that India's annual fuel consumption — a proxy for crude oil demand — is likely to drop by 5.6 percent in 2020 to 4.73 million bpd (barrels per day) when compared to the growth of 2.4 percent in its March report.

This month will be worst-ever in the history of oil industry: Birol

Commenting on the current challenges facing the energy industry in the wake of the Corona crisis, IEA Executive Director Birol said the month could prove to be the worst-ever experienced by the oil industry.

"In a few years' time, when we look back on 2020, we may well see that it was the worst year in the history of global oil markets," Birol told a reporter on a conference call after the IEA energy watchdog released its monthly report.
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"During that terrible year, the second quarter may well have been the worst of the lot. During that quarter, April may well have been the worst month — it may go down as Black April in the history of the oil industry."

The backdrop

Fuel demand and refinery utilisation rate has plunged massively in the wake of a nationwise lockdown imposed to contain the spread of Coronavirus. According to the IEA, April refinery runs would be 1.8 million bpd lower than recent monthly average levels, with capacity use rising in third quarter on demand recovery.

India's oil demand will decline by 18.7 percent and 2.7 percent in the second and third quarters, before rising by about 1.4 percent in the fourth quarter, said IEA. The country's 2020 crude and condensate production will fall by around 50,000 bpd to 750,000 bpd, of which 630,000 bpd is crude, the report added.