Oil demand down nearly 30%, April worst month in 25 years: IEA

FORBES | The International Energy Agency (IEA) has released its flagship World Oil Market report with news that global oil demand will be down 29% in April and 9% over the year in 2020. The IEA estimates that April demand in April will be 29 mb/d lower than a year ago, a fall of 29% to a level last seen in 1995. This is a sharp downgrade from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020.The impact of containment measures in 187 countries and territories has been to bring mobility almost to a halt. In the US for example, gasoline demand is reported to be down 20%.

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