The stringent measures adopted to contain Covid-19 pandemic in India has led to a sharp decline in natural gas demand due to fall in industrial and domestic consumption, says data and analytics company GlobalData.
With LNG storage tanks almost full, Indian LNG importers are being forced to refuse cargoes citing force majeure clauses.
Despite these initiatives, LNG supply still exceeds demand, causing the demand to go down further in the coming months, says GlobalData.
Haseeb Ahmed, Oil and Gas Analyst at GlobalData, commented, “The extensions of lockdown and travel restrictions have impacted port operations In India.”
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