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Oil demand projected to drop by more than 10% for 2020

Oil demand projected to drop by more than 10% for 2020

 

Oil demand is now projected to drop by 10.8 percent for 2020, or 10.7 million barrels per day (bpd) year-on-year, Trend reports citing Rystad Energy.

lOur estimates show that total oil demand in 2019 was approximately 99.5 million bpd, which is now projected to fall to 88.8 million bpd in 2020,’ reads the report released by Rystad energy.

May demand is expected to fall by 21.1 percent to 77.9 million bpd. June demand is forecast at 84.5 million bpd, down by 14 percent.

Further ahead, total oil demand in 2021 is expected to average at 98.1 million bpd.

This update takes into account developments that have occurred up to and including Tuesday, 19 May.

Total oil demand in the United States for 2020 is now forecast to fall by 2.1 million bpd to 18.4 million bpd, a 10% decline from 2019’s 20.5 million bpd. April saw a decline of 29.6%, with demand falling to 14.1 million bpd. May will see a decline of 22.1%, with demand falling to 15.8 million bpd. June demand is estimated to decline by 15.1% to 17.5 million bpd.

US road fuel demand in 2020 will fall by 1.1 million bpd, a 10.5% decline to 10.1 million bpd from last year’s 11.2 million bpd. April saw a decline of 37%, with demand falling to 7.1 million bpd. May will see a decline of 20.5%, with demand falling to 9 million bpd. June’s road fuel demand will fall by 15.1% to 9.9 million bpd.

In 2021, total oil demand in the US is expected to average 19.9 million bpd and road fuel demand 10.8 million bpd.
Total oil demand in Europe for 2020 is now forecast to fall by 1.8 million bpd to 12.4 million bpd, a 13.2% decline from 2019’s 14.2 million bpd. April will saw a decline of 37.5%, with demand falling to 9 million bpd. May will see a decline of 28.4%, with demand falling to 10 million bpd, while June demand will drop by 19.3% to 11.4 million bpd.

Europe’s road fuel demand in 2020 will fall by 0.8 million bpd, a 12% decline to 6.2 million bpd from last year’s 7.0 million bpd. April saw a decline of 42.7%, with demand falling to 4.1 million bpd. May will see a decline of 27.2%, with demand falling to 5 million bpd. June demand will decline by 14.8% to 6 million bpd.

In 2021, total oil demand in Europe is expected to average at 13.6 million bpd and road fuel demand at 6.7 million bpd.
Source: https://www.hellenicshippingnews.com/oil-demand-projected-to-drop-by-more-than-10-for-2020/