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COVID-19 tragedy in India has direct impact on Gulf countries and Russia

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The World Health Organization had said that the COVID-19 virus is such a fire that if it stays in any corner of the world, it can engulf the whole world.

Right now, India, the world’s second-largest population, is caught in the tragedy of the Corona epidemic in such a way that millions of new people are getting infected and thousands of people are dying every day.

Lockdown has been imposed in many parts of the country to prevent infection in compulsion and this is directly impacting many economies of the world including India.

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According to the news agency Reuters, on Monday, due to rising cases of Corona in India, the price of crude oil fell by about one percent due to the fear of affecting the demand for oil.

India is the third largest oil importing country in the world. On Monday, Brent crude fell 1.4 percent to $ 65.22 per barrel and US West Texas Intermediate, or WTI oil, also fell 1.4 percent. The WTI price was 61.27 per barrel. Last week too, there was a drop of one per cent in both benchmarks.

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Eugen Winberg, a Commerzbank analyst from Reuters, said, “Bad news is coming from India and Japan and it is directly impacting the oil market.” Corona infections are increasing in both countries and the situation of complete lockdown is coming again. ”

In India, new cases of infections are coming above three lakhs every day for the last four days. It is being said that in the second week of May, new cases of infection in India will go up to eight lakh daily. Hospitals in India are already full and Corona patients are dying without treatment and oxygen.

Consultancy FGE experts say that the demand for gasoline in India has decreased by one lakh barrels every day in the month of April and in May there may be a decrease of one lakh, 70 thousand barrels.

In India, 747,000 barrels of gasoline were being purchased every day in the month of March. The FGE says that the demand for diesel in India is 10.75 lakh barrels per day, but due to Corona, there may be a decline of 220,000 every day in April and this decline will reach 400,000 in May.

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On the other hand, due to increasing cases of corona in Japan, emergency has been imposed in Tokyo and Osaka on Sunday. 

According to Reuters, OPEC Plus, headed by the oil producing country and Russia, is going to meet this week. It is being said that the organizations of the oil producing countries may decide to cut OPEC and OPEC plus production so that prices remain stable.

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