Oil

When will Oil Demand Come Back?

World wars, depression and flu pandemics have hit oil demand before, but never has the industry faced the sudden disappearance of a fifth of its market. The suddenness and depth of the coronavirus-caused decline has gone beyond a matter of economics to one of physical reality. As the oil business …

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Global Oil Demand could Drop by 20% Due to Virus

The global oil demand which is 100 million barrels per day (bpd) could fall by 20 million bpd as 3 billion people in the world are under lockdown due to coronavirus pandemic, said the executive director of International Energy Agency on late Thursday. During a virtual fireside chat — titled …

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Prepare For a Massive Oil Demand Shock

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …

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Global Oil Demand Forecast to Fall 4.9% in 2020

Global oil demand is forecast to decline by 4.9% in 2020, compared to the previous year, Norway-based energy research center Rystad Energy said in a statement on Wednesday. Oil demand around the world is estimated to decrease by 4.9 million barrels per day (bpd) to reach 95 million bpd, from …

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