Global oil demand will plunge by a record 9% this year due to coronavirus lockdowns, thwarting efforts by OPEC+ to contain the resulting glut of crude, the International Energy Agency said.
A decade of demand growth will be wiped out in 2020, when consumption will slump by just over 9 million barrels a day, the agency said in its monthly report. April will suffer the hardest hit, with fuel use contracting by almost a third to the lowest level since 1995.
Global oil demand will drop by a record 9.3 million b/d in 2020, says IEA
“Never before has the oil industry come this close to testing its logistics capacity to the limit,” said the Paris-based IEA, which advises most major economies on energy policy.