BLOOMBERGNEF | Road transport consumed more than 40% of all oil demand in 2019. The sector’s growth has been responsible for over half of total oil demand growth since 2000, and producers and forecasters alike expect there to be more growth to come.
This year, travel restrictions and lockdowns in response to the Covid-19 pandemic will erase more oil demand than the shipping sector consumed in all of 2019 – wiping out a decade’s worth of growth. However, the decline will be temporary and demand will return to pre-virus levels by 2022, led by growth in commercial trucks. The impact of the virus is likely to have caused oil demand from passenger cars to have peaked in 2019.
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