Oil refiners in virus-battered India may decide to ramp up fuel exports as lockdowns across the country cut into local consumption, while a recovery in global demand lifts profits from potential overseas sales. State-owned Indian Oil Corp. and Bharat Petroleum Corp. are weighing the option of raising oil-product exports against cutting run rates, according to company officials who asked not to be identified. That’s after record infections in India prompted curfews that kept people off the streets and hurt consumption. Outside India, major economies such as the U.S. and China saw a surge in mobility that has lifted the use of gasoline and diesel.
Dhwani Pandya and Debjit Chakraborty, Bloomberg News A fence lies fallen in front of an Indian Oil Corp. refinery in Paradeep, Odisha, India, on Monday, May 6, 2019. Authorities launched a massive restoration-and-relief effort after Cyclone Fani left a trail of damage in eastern India and Bangladesh. Photographer: Dhiraj Singh/Bloomberg , Bloomberg
(Bloomberg) Oil refiners in virus-battered India may decide to ramp up fuel exports as lockdowns across the country cut into local consumption, while a recovery in global demand lifts profits from potential overseas sales.
State-owned Indian Oil Corp. and Bharat Petroleum Corp. are weighing the option of raising oil-product exports against cutting run rates, according to company officials who asked not to be identified. Thatâs after record infections in India prompted curfews that kept people off the streets and hurt consumption. Outside India, major economies such as the U.S.
Corporate giants join the global race to fight India Covid crisis
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Last Updated: Apr 29, 2021, 11:16 AM IST
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Synopsis
With haunting visuals of mass funeral pyres, long lines of ambulances outside overcrowded hospitals, and desperate pleas on social media for oxygen canisters, the unfolding tragedy is prompting some of the biggest corporations to organize aid for a country they view as a crucial market with 1.3 billion consumers.
AP
Oxygen cylinders being loaded at a charging station in Prayagraj. Most critical has been the unavailability of medical oxygen.
As Indian authorities and hospitals struggle to cope with record Covid-19 infections and deaths, companies ranging from the nation’s biggest conglomerate to global giants like Amazon.com Inc. are stepping in to help ease the crisis.
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