WorldOil Third-largest oil market projects faster recovery than OPEC’s estimates India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. Key global markets’ physical oil prices climbing as OPEC+ cuts supply Demand is recovering in major oil consumers China and India, led by a rebound in gasoline and diesel consumption. Chinese refiners are seeing profits from turning crude into fuels, even as processors across much of the region including Singapore face negative margins. India buying millions of barrels of Saudi crude for strategic reserves India, the world’s third biggest oil consumer, is set to snap up millions of barrels of Middle East crude for its strategic reserves, signaling its support for global efforts to rescue the energy market. India taking up the slack as China cancels oil deliveries Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer. Total commits $600 million to expand LNG presence in India Total SA is spending $600 million to expand its presence in one of the world’s fastest growing natural gas markets. India’s Petronet makes $7.5 billion investment to ship U.S. shale gas abroad Petronet will spend $2.5 billion for an 18% equity stake in Tellurian's $28 billion Driftwood LNG terminal -- the largest outside holding so far in the project -- and negotiate the purchase of 5 MM tons of gas per annum. Houston prepares to say ‘Howdy Modi’ as gas producers eye deals Indian Prime Minister Narendra Modi’s imminent visit to the U.S. energy capital is fueling speculation the second most-populous nation will further tap America’s shale gas bonanza. Oil shock unites China with Asia rivals worried about supply Asia accounts for more than 70% of Saudi Arabia’s crude exports, with the four biggest economies – China, Japan, India and South Korea – leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar. India eyes U.S. oil that China’s offering amid new tariffs An Indian state-owned refiner is mulling the purchase of American oil from Chinese sellers offering cargoes that would be hit by new tariffs on U.S. supplies. Saudis defending coveted India oil market with Reliance deal Saudi Aramco’s proposed purchase of part of India’s Reliance Industries Ltd. will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the U.S. and Russia are making inroads.