The last several months were marked by unprecedented destruction of demand for liquids globally, which sent forecasts from early 2020 into a tailspin. Most forecasts currently agree that the negative impacts to demand from COVID-19 have the deepest trough in the second quarter of 2019, but the variance in magnitude has larger implications relating to the speed at which global inventories will be drawn down and the path to full demand recovery. Aggressively modeling global liquids demand recovery by the end of 2020 could drive crude prices high enough to alter today’s supply outlook. Today’s commentary will examine the forecasts published in May 2020 from IEA, EIA, and OPEC in relation to BTU Analytics’ current outlook and what they imply about longer-term liquids demand outlooks.
https://btuanalytics.com/crude-oil-pricing/roll-call-global-liquids-demand-forecast-review/
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