The high fall in domestic energy demand driven by the COVID-19 pandemic has affected India’s oil refining sector amid an oil price war and a severely stressed international petro-order.
Reuters had earlier reported that Indian Oil Corporation (IOC), the refining heavyweight, and Mangalore Refineries and Petrochemicals Ltd. (MRPL), have served force majeure notices to their Middle Eastern crude providers, mentioning the Coronavirus epidemic– a Black Swan event. Apart from the meltdown in need, the oil glut in the market is unve