India is seen as the most important driver of energy demand growth in the world in the years to come with its oil consumption seen rising by 6 million barrels per day (bpd) to about 10 million bpd by 2040, according to the International Energy Agency (IEA)
Faced with a yawning energy deficit in years ahead and the need to protect against climate change, Asia is looking for fresh ways to finance its shift toward renewables.
The supply build isn't helped by an oil market that's in contango, or when the "spot" price is lower than the price of the future contract. That makes it more profitable for traders to stick their oil in storage to sell at a higher price later.
Brent crude fell on Monday below USD 70 dollar to hit its lowest level in four years. This is the worst losing streak for crude since the 2008 global financial crisis.