June 25, 2020

Indian Oil reports first quarterly loss in 4 years

Indian Oil

Coronavirus crisis: WHO chief warns of oxygen shortage as cases set to reach 10 million
The world faces a shortage of oxygen concentrators as the number of worldwide cases of coronavirus infection nears the 10 million mark, the World Health Organization head said on Wednesday. The new coronavirus has hit 9.3 million people and killed more than 480,000 so far and is rising by about 1 million cases per week. This has pushed oxygen demand to 88,000 large cylinders per day, or 620,000 cubic metres of oxygen.

Coronavirus effect: Indian Oil reports first quarterly loss in 4 years
Indian Oil Corp Ltd, the country’s top refiner, on Wednesday reported its first quarterly loss in more than four years in the March quarter, after a surge in inventory losses following a sharp fall in crude oil prices. Chairman Sanjiv Singh said the fall in global prices impacted the group’s financial performance for the January-March quarter as the company holds about 45 days inventory.

Coronavirus fallout: IMF lowers forecast for 2020 global economic growth
The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9 per cent this year, significantly worse than the 3 per cent drop it had estimated in its previous report in April.

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