Will Oil Hit $80 This Summer?

India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of the equation to offset the pandemic-depressed oil demand. And despite the group’s relative success at curbing oil production to prevent excess oil inventories from ballooning before the market fully recovers, India’s booming…