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Global Crude Demand Expected to Contract Drastically in 2020

By Criterion Research
March 26, 2020 -

According to a wide range of outlets, global crude oil demand is forecast to contract 14-20 MMbbl/d in 2020 due to the global spread of COVID-19 and nearly the entire airline business in hold.  JBC Energy is expecting a 15.3 MMbbl/d drop in demand during the second quarter, which they think would bring crude prices to $10/bbl.  They also cited that "OPEC+ as an organization is of pretty limited relevance in this context, as they are neither likely to be willing nor able to stem the current demand shock."


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Categories
Oil and Gas
Midstream

Commodities
Crude Oil

Tags
Crude and Condensate Exports
Supply and Demand

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International

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International
United States

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