Quote:
Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday.
The sharp downward revision in demand expectations came as oil prices dropped by more than a quarter and were set for their biggest one-day fall in 29 years after Saudi Arabia ignited a crude-price war in the market.
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https://www.theglobeandmail.com/busi...e-2009-due-to/
Numbers: they're forecasting 2020 demand of 99.9 bpd, down from almost 101 million bpd.
They expect the drop to be temporary, with demand rebounding when the epi/pandemic effect on transportation and industry passes.
Unless of course this mess tips countries into recession... then it'll take a bit longer.