The International Energy Agency expects global oil demand to contract by a stunning 20% this year.
Oil at $20 per barrel was unimaginable a few months ago; now some forecasters are calling prices as low as $10 or even single digits as the world runs out of storage space and the global economy grinds to a halt.
The International Energy Agency expects global oil demand to contract by a stunning 20% this year, and Japanese bank MUFG estimates demand in April to plummet by 8.5 million barrels per day. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that had reined in production to boost the market.
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