Oil Demand Has Lost its Wings, but What Next?

Managing partner of Bracewell’s London office Jason Fox looked at what might come next following the recent dark days of oil demand with Energy Voice reporter Ed Reed.

“People will have to reset forecasts of peak demand and there is a good chance that will come much earlier than previously thought,” said Fox.

The major crunch was in April, with oil demand down by around 25-30 million barrels per day. A slow response from producers, who did not comprehend the full extent of the crisis that combined the catastrophic early March OPEC meeting with the demand impact of coronavirus, has seen storage fill dramatically.

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