On Wednesday, energy consultancy Rystad Energy cut its forecast for this year’s global oil demand.
In 2020, global oil demand could fall by around 4.9% or 4.9 million bpd on the back of the coronavirus pandemic. Last week, Rystad forecast it to fall by 2.8 million bpd this year.
In April, oil demand is likely to drop by 16 million bpd from the same period a year ago.
Jet fuel demand is expected to fall by 20% or 1.4 million bpd. Air traffic possibly will fall by 8%.
Vehicle fuel would likely post a 5.6% fall year-on-year or 2.8 million bpd.
