On the 1st of April 2020, India adopted the BS-VI emission norms. The move places India in a select group of economies with Euro VI-compliant fuels. However, the move to low sulphur transport fuel is fraught with downside risk given the impact of COVID 19 on the Indian economy. The capital-intensive move by refineries and automobile manufacturers has now moved into a stage where the revival of demand and coordinated price adjustment is essential for cost recovery. 

Since the beginning of the Coronavirus pandemic, there has been a loss of 1/3rd global demand – more than 30 million barrels per day (BPD). The virus instilled a level of uncertainty for oil traders, but the catalyst for the initial drop in price can be attributed to the escalating price war between Russia and Saudi for market share, eventually leading Saudi to flood the market with oil.

Under Qaani the Qods Force will continue Iran’s strategy, but their activities are likely to be more careful, restrained and in line with mainstream policy. How will this affect the Middle East?