LNG cargoes diverted from India as COVID crisis dampens demand
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.
India on Monday reported more than 300,000 new coronavirus cases for a twelfth straight day to take its overall caseload to just shy of 20 million, as scientists predicted a peak in infections in the coming days.
At least 11 states and union territories have imposed some form of restrictions to try and stem infections, but Prime Minister Narendra Modi's government is reluctant to impose a national lockdown, concerned about the economic impact.
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