OIL & GAS

LNG cargoes diverted from India as COVID crisis dampens demand -sources

Liquefied natural gas (LNG) cargoes are being diverted away from ports in India as surging coronavirus cases there hamper domestic gas demand, trade and shipping sources said on Monday.

Six LNG tankers diverted away from India since April 20, changing the destination to northeast Asia, Europe and Kuwait instead, said Rebecca Chia, an analyst with data intelligence firm Kpler.

Further diversions and reduction in shipments to India are expected this week, trade sources told Reuters, although one source said that companies are adopting a wait-and-see approach to see how extensive the lockdowns will be.

Gas demand has taken a hit from some sectors due to lockdowns imposed in several parts of the country, they added.

Source
Reuters
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