As we enter the second half of what is proving to be a tumultuous and unprecedented year for economies generally, and oil markets in particular, let’s revisit the outlook for the remainder of 2020 for crude oil demand. The lockdowns due to the COVID-19 pandemic and corresponding economic collapse resulted in material demand destruction for crude oil – when large portions of the travelling population are homebound for months, that weighs heavily on transportation fuel demand. Global liquids’ demand in 2Q2020 fell about 20% to 81 MMb/d from the average of 99.9 MMb/d in 2019. As economies emerge from lockdowns, the sense continues to be that 2Q2020 is the bottom, and the second half of the year has an improved oil demand outlook. The question, however, is how quickly and to what extent the recovery will take.
https://btuanalytics.com/crude-oil-pricing/muted-recovery-oil-demand-outlook-for-the-remainder-of-2020/
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