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The ongoing global Covid-19 pandemic is expected to reduce global oil demand by 4.
5 million to 4.
9 million b/d in 2020, down 5%
from 99.
9 million b/d in 2019, according to the research institute.
Amid a tightening in oil demand, Saudi Arabia and Russia, the world's two largest oil producers, are expected to sharply increase production from April and inject an additional 2.
5 million b/d
into the oil market.
"We now estimate that oil demand will be reduced by 2 billion barrels per day in 2020 due to the outbreak of the virus, with an average annual production of 95 million b/d, or about 5%
less than the 100 million b/d in 2019," said Rystad Energy, a Norway-based energy consultancy.
According
to S&P Global Platts Analytics, global oil demand is expected to decline by about 4.
5 million b/d
in 2020.
Fatih Birol, executive director of the International Energy Agency (IEA), said global oil demand could fall to 80 million b/d
in 2020.
The situation in the oil market this time is unique, and its impact will have significant consequences
for years to come.
The IEA will soon release its monthly oil report, which will provide a detailed analysis
of global oil demand.
The collapse in global oil prices and the destruction of demand due to lockdowns in countries hit by the virus prompted major oil and gas companies to announce spending cuts and austerity measures
.
The ongoing global Covid-19 pandemic is expected to reduce global oil demand by 4.
5 million to 4.
9 million b/d in 2020, down 5%
from 99.
9 million b/d in 2019, according to the research institute.
Amid a tightening in oil demand, Saudi Arabia and Russia, the world's two largest oil producers, are expected to sharply increase production from April and inject an additional 2.
5 million b/d
into the oil market.
"We now estimate that oil demand will be reduced by 2 billion barrels per day in 2020 due to the outbreak of the virus, with an average annual production of 95 million b/d, or about 5%
less than the 100 million b/d in 2019," said Rystad Energy, a Norway-based energy consultancy.
According
to S&P Global Platts Analytics, global oil demand is expected to decline by about 4.
5 million b/d
in 2020.
Fatih Birol, executive director of the International Energy Agency (IEA), said global oil demand could fall to 80 million b/d
in 2020.
The situation in the oil market this time is unique, and its impact will have significant consequences
for years to come.
The IEA will soon release its monthly oil report, which will provide a detailed analysis
of global oil demand.
The collapse in global oil prices and the destruction of demand due to lockdowns in countries hit by the virus prompted major oil and gas companies to announce spending cuts and austerity measures
.
