Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel.
Currently, between a third and a half of the world’s population are in lockdown, meaning few people are driving, flying or doing much that would require the use of crude or its derivatives.
The ramifications for the oil market are huge, with refiners, producers and even petrostates all facing uncertain futures. The most immediate set of data from America starkly illustrated the impact. On Wednesday, the U.S. Energy Information Administration reported U.S. drivers consumed the least gasoline for at least 30 years, as normal life ground to a halt.
