Global Oil Demand To Fall To Levels Not Seen Since 2014

Crude oil demand this year will fall to around 90.6 million bpd this year, OPEC’s secretary-general Mohammed Barkindo said ahead of the next OPEC+ meeting, as cited by Trend. This level of demand was last seen before 2014, when the oil market again swung into an oversupply and prices tanked as the Gulf producers fought U.S. shale. “World oil demand growth in 2020 is expected to drop by a staggering 9.07 mb/d, with the worst impact seen in this quarter. We expect demand for the year to be around 90.59 mb/d – back to levels last…