“Even a 20% hit in Europe and North America would mean the loss of about 8 million bpd, though, given that the 2019 BP Statistical Review of World Energy put the two regions’ combined crude demand at about 40 million bpd.”
-Clyde Russell, writing for Reuters considers how far crude demand might fall in the coming weeks. Although China continued to buy overseas crude as coronavirus spread there and cheap oil can be stored in reserves, Russell sees a 10% drop in global demand as, “something of a best case scenario…” [Reuters]
