Coronavirus Has Wiped Out A Decade Of Oil Demand Growth

Just days after the largest production cut in history, WTI fell below $20 per barrel.  The oil world was hyper-focused on what OPEC+ might do over the past week, and on what the Texas Railroad Commission might do as a follow-up measure. The cuts are massive. OPEC+ alone will cut by nearly 10 million barrels per day (mb/d). The market-induced contraction will make the output declines even larger. But the destruction in oil demand is both larger and much more immediate. April demand is expected to be down by 29 mb/d, according to the International…