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Analysts: global oil demand is reaching its lowest point in history

2020.03.31   14:15

    Global oil demand has been hit hard by travel bans, city closures and the inevitable disruption of a large number of supply chains, Russian satellite news reported.

    According to Bloomberg News Agency, as more and more countries around the world launch anti epidemic measures, global oil consumption is rapidly shrinking, this year's chaos of covid-19 is likely to bring the most serious oil crisis in history.

    Isolation of the workplace, travel bans and closures across cities and even across the country have had a negative impact on fuel demand, leading to a significant decline in fuel demand, which in turn affects supply.

    According to recent forecasts by oil traders and hedge fund managers, there are fears that demand for oil, which averaged over 100 million barrels a day last year, could soon fall by the largest amount ever.

    The crisis is expected to exceed the losses of nearly 1 million barrels a day during the economic downturn in 2009, or even the huge losses of 2.65 million barrels in 1980. In 1980, due to the introduction of energy-saving technology by western countries, the world was hit by the second oil crisis.

    "The world has never seen this global epidemic since 1918," Bloomberg News reported, quoting Pierre androud, chief executive of oil hedge fund andurand capital management This further confirms his previously pessimistic prediction: "I believe that the number of global oil demand declines will be several times that during the global financial crisis.".

    According to Bloomberg news, Goldman Sachs Group, the world's largest investment bank, currently forecasts a drop of more than 4 million barrels per day in global oil demand from February to April, while Andy capital management, which sees a bleaker outlook for the oil industry, believes that global oil demand may drop by 10 million barrels per day.

    Oil prices have plummeted by nearly 50% since the beginning of this year, as the devastating impact of the epidemic on the global economy and the collapse of OPEC + production reduction negotiations did not announce further production cuts.

    Brent crude oil prices fell 20% on Monday, the biggest one-day decline since the 1991 Gulf War.

    A few days later, some Airlines began to slash their daily routes, such as Lufthansa, which said it could reduce the number of flights by 70%, a shocking decision.

    In response, British Airways warned its employees Wednesday that the British aviation industry is facing a "global crisis" due to the global spread of the covid-19 epidemic, while United Airlines in the United States announced that it would reduce international flights by 20% and domestic flights by 10% in April.

    On the whole, the number of tourists is getting smaller and smaller. Italy and Spain have blocked the whole country, and the number of restaurants and hotels in tourist attractions that used to visit has been reduced by about 50%.


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