Crude boost for India Inc as global oil demand dips over coronavirus epidemic
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New Delhi, Feb. 16 -- The sluggish Indian economy and industries that are heavily dependent on crude oil such as aviation, shipping, road and rail transportation are likely to gain from a sudden drop in crude oil prices due to the coronavirus epidemic in China, the world's biggest oil importer, said economists, chief executives and experts.
With various industries realigning their strategy amid energy demand forecasts being slashed due to the coronavirus outbreak, major oil importers such as India are seeking to drive a better bargain. India is the world's third-largest oil importer and the fourth-largest buyer of liquefied natural gas (LNG).
The oil market is currently facing a situation called contango, wherein spot prices are lower t...
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