Rystad Energy: India’s COVID Crisis Could Result In Global Oil Glut

India’s worsening COVID outbreak is set to disturb the nearly balanced global oil market, which will show a surplus of oil supply of as much as 1.4 million barrels per day (bpd) next month amid a sizeable loss of demand from the world’s third-largest oil importer, Rystad Energy says. India has seen fuel demand decline in recent weeks as record-high new coronavirus infections are prompting lockdowns and curfews in many states in the country of 1.3 billion residents, limiting mobility and slowing business activity. India’s combined…