World Business Watch: India And Japan Cut Down On Oil Imports

India and Japan cut oil imports due to the pandemic, bringing the oil prices slightly down.

Vatsal Thakore

April 27, 2021

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India and Japan are the third and the fourth largest importers of oil in the world. However, due to the severe conditions arising all around the world due to the COVID-19 pandemic, both countries have been cutting down on oil imports. Read on to know more about it.

Due to the cut in the oil imports by India and Japan, the overall oil demand of Asia has dropped significantly. This has also seen a significant drop in the prices of oil in both countries. On the Brent Crude Futures, the prices of oil in both these countries were down 0.1% to $66.03 per barrel. These both Crude benchmarks fell around 1% in the last week.

Talking about the current COVID-19 crisis in Japan, the country is currently experiencing a third state of emergency in Tokyo, Osaka, and two other Prefectures of the country on Sunday, 25 April. This comes three months before the Tokyo Olympics is set to open. The Summer Olympics of this quarter was set to be held in Tokyo in 2020, but were delayed and shifted to 2021 due to the ongoing coronavirus pandemic. As of now, they are slated to begin on July 23 of this year.

Also read: Domestic Flight Operations to Continue With 80% Capacity; Fare Caps to Remain in Place Till May 31

In India too, the second wave of COVID-19 is wreaking havoc. In the last 24 hours, the country recorded more than 3.5 lakh cases. The government has issued a statement saying that it is now time to start wearing masks inside the home when the people of the house are together. The government also announced that from April 28, all the citizens of the country who are in the age group of 18-24, will also be allowed to take COVID vaccines, to battle the virus.

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