- India is preparing to purchase Iranian crude in anticipation of easing U.S. sanctions
- India, the world's second-largest crude importer, has expressed frustration with the elevated cost of supplies from Saudi Arabia
- The country is currently dealing with a covid-19 resurgence, recording the highest number of new cases since the pandemic began on Wednesday, April 7, 2021
- FGE boost its 2021, 2022 global demand outlook amid Asian demand growth
- FGE estimates global demand will grow 6 MMBbl/d this year, a 75 MBbl/d increase from its last forecast
- 2022 global oil demand is expected to grow by 4.1 MMBbl/d, a 325 MBbl/d increase from its previous estimate
- The company noted that a resurgence in COVID-19 cases in Europe and Latin America pose a downside risk to global demand forecasts
- The market received mixed signals from inventories data reported by the EIA on Wednesday
- The EIA reported a draw of (-) 3,522 MBbls for the week ending April 2, well above the estimate of a (-) 1,638 MBbls draw
- Gasoline and distillates inventories increased by (+) 4 MMBbls and (+) 1.5 MMBbls, respectively