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Historic fall in demand for oil

 
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UndercoverElephant



Joined: 10 Mar 2008
Posts: 10814
Location: south east England

PostPosted: Wed Mar 04, 2020 8:41 pm    Post subject: Historic fall in demand for oil Reply with quote

https://www.naturalgasintel.com/articles/121230-covid-19-epidemic-forecast-to-strip-global-oil-demand-to-historic-levels-in-1q2020

Quote:
World oil demand in the first quarter is forecast to decline by the largest volume in history, exceeding the fall-off during the financial crisis that began in late 2008.

“This is a sudden, instant demand shock, and the scale of the decline is unprecedented,” said IHS Markit’s Jim Burkhard, head of oil markets. Because of the “unprecedented stoppage” in Chinese economic activity during February, and the subsequent spread of Covid-19, “we estimate that world oil demand in first quarter 2020 will be 3.8 million b/d lower than a year earlier,” representing a revision of 4.5 million b/d from estimates before the spread of Covid-19, as it is officially known.
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ReserveGrowthRulz



Joined: 19 May 2019
Posts: 584
Location: Colorado

PostPosted: Wed Mar 04, 2020 10:06 pm    Post subject: Re: Historic fall in demand for oil Reply with quote

UndercoverElephant wrote:
https://www.naturalgasintel.com/articles/121230-covid-19-epidemic-forecast-to-strip-global-oil-demand-to-historic-levels-in-1q2020

Quote:
World oil demand in the first quarter is forecast to decline by the largest volume in history, exceeding the fall-off during the financial crisis that began in late 2008.

“This is a sudden, instant demand shock, and the scale of the decline is unprecedented,” said IHS Markit’s Jim Burkhard, head of oil markets. Because of the “unprecedented stoppage” in Chinese economic activity during February, and the subsequent spread of Covid-19, “we estimate that world oil demand in first quarter 2020 will be 3.8 million b/d lower than a year earlier,” representing a revision of 4.5 million b/d from estimates before the spread of Covid-19, as it is officially known.


Excellent! Guess what'll happen to oil price next? Followed quickly by a big one of these!!

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