Oil demand will drop to 20 million barrels a day
According to OPEC, the current situation will cause black gold consumption to drop drastically worldwide
The crisis generated by the pandemic will cause global oil demand to sink to 20 million barrels per day during the month of April, according to calculations by the Organization of the Petroleum Exporting Countries (OPEC).
In its monthly report on the crude oil market, published this Thursday, the agency revised its perspectives on the demand for ‘black gold’ worldwide.
According to its new forecasts, OPEC anticipates that world demand will be at 92.82 million barrels per day, 6.91 million less than its previous estimate. Most of the fall will occur in April. In this way, the average for the second quarter will be 86.7 million barrels per day, which represents a downward revision of 11.5 million barrels.
The forecast for the first quarter has been adjusted downwards by 4.66 million barrels, to 92.92 million, while that of the third quarter has stood at 94.28 million and that of the fourth quarter, at 97.3 millions.
According to the cartel’s calculations, 60% of the demand lost in the second quarter occurs due to the lower demand for transportation fuels, mainly gasoline and aircraft fuel.
K. Tovar
Source: DW
