Bearish signal on weekly chart
Structural challenges for Oil and gas sector
The current crisis will have a profound impact on the oil & gas industry, both in the short and long term. Oil demand in particular is at risk and it may take years to regain its levels before the pandemic, and growing only slowly thereafter.
Carbon emission- India needs to act
Even during last decade (2008-2018), India has registered a carbon emission growth of over 5% compared to the world average of just over 1%. Though India consumed only 5.8% of world's primary energy in 2019, but it has contributed to over 7.3% of global carbon emissions, indicating a less cleaner energy mix.
Growth driver - city gas distribution
India is now the 13 largest consumer of natural gas globally and 3 in Asia Pacific region, only behind China and Japan. India's Natural Gas consumption during 2019-20 has increased by around 4% in spite of restricted activities in last week of March 2020. Overall gas consumption increased significantly primarily driven by higher LNG imports and cheaper LNG prices. Most of this consumption growth came from City Gas Distribution (CGD) and Fertilizer sector