Outlook positive for India despite Covid woes

The county’s crude demand may remain constrained this year, but the future is still bright

India’s refining sector is set to emerge from a punishing second quarter during which a resurgence of the coronavirus triggered a slew of localised lockdowns, cratering domestic demand. The outbreak has been brought to heel, with daily infection rates down by more than 85pc from their peak in May and local restrictions are gradually being eased. But the recovery is still on shaky ground. As with most emerging markets outside of China, India’s vaccination rate is crushingly low. Despite a vast pharmaceutical manufacturing base, the country has administered just 24 doses per 100 residents. A strong rebound in the global crude oil market has been compounded by hefty fuel tax hikes Delhi