The International Energy Agency (IEA) said this week that global oil demand will fall by the highest amount ever in 2020 due to the economic lockdowns and inactivity forced by international measures to contain the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus.
The IEA’s Oil Market Report for April states that global oil demand will likely fall by 9.3 million barrels per day (mmbd) in 2020 compared to the year before. The market in April and May will be particularly hard hit with demand down 29 and 26 mmbd, respectively. However, deliveries are expected to recover slowly after that—depending on how quickly economies can reopen.
