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Page added on April 9, 2020

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How the Pandemic Wiped Out Oil Demand Around the World

Consumption

Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel.

Currently, more than two-thirds of the world’s population are in lockdown, meaning no one is 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.

Demand for crude could fall by 27 million barrels a day this month, according to Rystad Energy AS, while Trafigura Group estimates the current hit to consumption is around 35 million barrels a day.

Against this backdrop, the Organization of Petroleum Exporting Countries and its allies will hold a virtual meeting to try and hammer out an agreement to curb supply and prevent the world drowning in unwanted crude.

Below is a reminder of how consumption has been affected in various countries.

U.S.

U.S. oil demand has now fallen to 14.4 million barrels a day, the lowest in data going back to 1990 and a drop of more than 30% from pre-crisis levels, government figures showed Wednesday. In its short-term outlook, the EIA forecast the hit to oil demand will be 16.7 million barrels a day in April. A number of U.S. refiners, including HollyFrontier Corp. and Marathon Petroleum Corp., cut run rates by 30%.

India

Crude demand in the world’s third-biggest consumer has collapsed by as much as 70% as India endures the planet’s largest national lockdown, according to officials at the country’s refiners. Consumption for the entire month could average about 50% below last year’s levels but that’s based on India’s three-week lockdown ending on April 15 as planned, according to the officials. That’s 3.1 million barrels a day of lost oil demand, according to data compiled by Bloomberg.

China

Oil refineries in China, the world’s biggest crude importer, may increase processing rates to near last year’s average levels this month, providing a glimmer of hope to a global market reeling from the virus. Meanwhile, processing at private refiners, known as teapots, will continue to ramp up with some idled plants set to resume in April, Chinese industry researcher SCI99 said. Wuhan, the epicenter of the coronavirus pandemic, officially re-opened on Wednesday after being locked down for almost four months.

Spain

In Spain, one of the countries hit worst by the disease, oil product demand fell by 23% in March, according to BloombergNEF. Air and road fuel consumption were the most affected, with gasoline and road diesel falling by 35.5% and 26.5% respectively. Demand for kerosene, predominantly consumed in the aviation sector, fell 42.5% as aircraft remained grounded across much of the country. Spain has extended its lockdown until April 25.

Italy

Italy, which together with Spain imposed some of Europe’s harshest restrictions on movement, is also expected to extend its lockdown from April 13. With the nation under strict restrictions of movement, retail fuel sales have plunged 85%, according to service station union estimates. The country’s refiners risk permanent supply-chain disruption if the country’s lockdown runs into June and companies stockpile crude and reduce production, industry lobby FederPetroli Italia said.

U.K.

Sales of gasoline and diesel in the U.K. were down by 66% and 57%, respectively, as of March 31, according to the U.K. Petrol Retailers Association. Britain’s top supermarket, Tesco Plc, said gasoline sales were down 70% over the “last weeks” following the U.K. lockdown.

Netherlands

A survey of Dutch car dealers, driving schools and transport companies revealed that respondents had lost almost half of their revenue due to the coronavirus and about 80% may need to seek additional credit within three months. “The Netherlands really has come to a standstill,” said Bovag spokesman Tom Huyskens. “Only those that really need it are driving, filling up their tank, but otherwise traffic has pretty much stopped.”

bloomberg



67 Comments on "How the Pandemic Wiped Out Oil Demand Around the World"

  1. Davy on Sat, 11th Apr 2020 6:09 am 

    “This Should Trouble Us Deeply” – Chilling Documentary Maps Out Likely Origin Of COVID-19”
    https://tinyurl.com/woyobgz epochtimes

    “It should be very telling that the nine-person panel the CCP created to address the pandemic, once it finally acknowledged the virus in January, is filled with propaganda officials, said China affairs columnist Gordon Chang in the documentary. Many countries have accepted or bought faulty equipment from China, for example, and “they’re getting duped,” Philipp said. “And, of course, this is because they don’t understand the Chinese Communist Party, they don’t understand how [the CCP] works, and, even as we speak right now, the Chinese Communist Party is claiming it’s over in China when it’s not… The documentary shows another link to SARS, and how one of China’s top virus experts’ study of SARS at the Wuhan Institute of Virology led to breakthroughs in creating a coronavirus to infect humans. But to what end? “The Chinese Communist Party has been very open about its biological warfare ambitions, they don’t even try to hide it. And it’s been a huge injustice that people have not held them to stronger account than they should have, because the Chinese Communist Party is able to act with impunity and nobody criticizes what they do,” Philipp said… The WHO isn’t the only organization doing so; international organizations to individual academic institutions around the world are afraid to say something that may anger the CCP. In recent weeks, Philipp had reached out many well-known scientists who once suggested the virus causing this mysterious COVID-19 disease was created in a lab, but they no longer wanted to talk. From the beginning, the CCP prevented organizations like the Centers for Disease Control and Prevention from studying the origin of COVID-19, Gordon Chang said. The CCP’s actions speak to a problem deeper than the virus. “Every country has diseases, but in China they become national emergencies and global emergencies, because the real disease here is communism,” Chang said.”

  2. Davy on Sat, 11th Apr 2020 6:18 am 

    “Why Mexico Fears Shutting Down Its Economy To Combat COVID-19”
    https://tinyurl.com/vu3bqpx mises

    “The Mexican government is right to be hesitant to shut down Mexican businesses. The distance between a “normal” economy and grinding poverty is a lot smaller in Mexico than in a wealthy country like the United States or Germany. While mandatory lockdowns in rich countries will cause mass impoverishment—complete with all the usual mental and physical health problems that accompany it—the stakes are even higher in a middle-income country like Mexico. Moreover, many Mexicans are already suffering from the mandatory shutdowns in the US. In 2019, for example, Mexicans working in the United States sent more than $39 billion back to Mexico. This is a vital lifeline for many Mexicans, and these remittances are likely to be decimated by the government-forced shutdown. The Financial Times continues: Balancing the competing needs to keep citizens healthy without devastating the economy is particularly tricky in Mexico….almost 50 per cent of Mexicans live below the poverty line, another 30 per cent are vulnerable to sinking into poverty and 30m work in the informal sector, where they receive no social benefits.”

  3. peakyeast on Sat, 11th Apr 2020 6:27 am 

    The documentary from Epoch times is pretty good – even if somewhat china-fobic – which I suppose is warranted if the suggestions in the documentary is true.

    And it is true that the CCP lies, kills, and spread false information while witholding important information.

    The other world wars has been started for much weaker reasons than what the world has now.

  4. boney joe on Sat, 11th Apr 2020 7:56 am 

    DavyScum got bitch slapped and it was fun to watch.

  5. PROFESSOR (CHIEF) TIMOTHY ADEDEJI AWONIYI J. P. on Sat, 11th Apr 2020 8:04 am 

    Is there a shrink in the house?

    Requiring help diagnosing Davy’s sock supremacist muzzies jerk (((supremetard))) fixation.

    Closeted IslamoFacist sleeper cell commander me thinks.

  6. Abraham van Helsing on Sat, 11th Apr 2020 9:46 am 

    Saturday + corona + beautiful weather –>

    Record electricity generation from sun in the Netherlands this afternoon: 40% !!!

    And it is only April 11.

    https://www.nu.nl/klimaat/6044230/zonnepanelen-breken-records-in-zonnig-april-terwijl-stroomvraag-zakt.html

    Live renewable energy data Netherlands:

    https://www.energieopwek.nl/#over-het-energieakkoord

  7. Abraham van Helsing on Sat, 11th Apr 2020 9:50 am 

    By 2021 installed pv-solar base in the Netherlands will have grown by 40% as compared to 2020.

    Renewable energy stalling?

    https://media.nu.nl/m/7fgxqr8aszax_wd640.jpg

  8. Abraham van Helsing on Sat, 11th Apr 2020 10:16 am 

    By 2021 I will have installed exactly NOTHING, you could define as ‘green’, not in the Netherlands, not anywhere. My greentech base will have grown by 0% as compared to 2020.

    Cloggo trolling? Yes!

    https://www.youtube.com/watch?v=2ix8JEqCJ1s

  9. Cloggie of the dutch starfleet on Sat, 11th Apr 2020 11:10 am 

    Thats nothing! , a poofter effort if ever Ive fucking seen one!
    by the year 2030, when I return from my daily comute to Mars to visity gorgeous martian model girlfriend I will have 47 MW of installed capacity.

    40000 hamster driven turbines powering my castle in Flanders !

  10. Blofeld on Sat, 11th Apr 2020 11:14 am 

    I will stop you with my enormous laser beam Cloggie!
    you will not succeed, my weapon is hidden in a enormous underground bunker!

    I am protected by 2000 ninjas!, the dutch starfleet is finished!

    hahaha

  11. Abraham van Helsing on Sat, 11th Apr 2020 11:52 am 

    The Dutch have no star fleets, they have a sea fleet, aiming at Anglos, go after them and turn them into better people:

    https://images.app.goo.gl/vFTDmdXHgCxGVXyK7

    https://youtu.be/gN7QTvDDk3E

  12. Abraham van Helsing on Sat, 11th Apr 2020 11:55 am 

    “40000 hamster driven turbines powering my castle in Flanders !“

    She really went under your skin, now didn’t she?

  13. Abraham van Helsing on Sat, 11th Apr 2020 12:10 pm 

    Bregret-lite setting in:

    https://www.independent.co.uk/news/uk/politics/coronavirus-boris-johnson-brexit-trade-talks-latest-delay-poll-a9460781.html

    “Boris Johnson should extend EU trade talks amid coronavirus disruption, poll says“

    ”Some 47 per cent of those questioned by BMG for The Independent said the prime minister should ditch his 31 December deadline to complete talks or walk out of the EU without a trade deal, against just 23 per cent who said he should stick to his timetable. Another 21 per cent said they neither opposed nor supported a delay and 8 per cent did not know.

    And there was growing support for rejoining the EU, with 49 per cent saying they want the UK to seek renewed membership less than three months after it left on 31 January, compared to 51 per cent who want to stay out.”

    We turned them into Protestants, some day we’ll turn them into reel Yuropeans.

  14. Cloggie on Sun, 12th Apr 2020 5:42 am 

    “How the Pandemic Wiped Out Oil Demand Around the World”

    Indeed:

    https://deepresource.wordpress.com/2020/04/12/the-netherlands-40-solar-electricity-for-a-few-hours/

    “The Netherlands 40% Solar Electricity for a Few Hours”

  15. Abraham van Helsing on Sun, 12th Apr 2020 5:56 am 

    “Coronavirus news – live: UK ‘could be worst hit country in Europe’ as public urged to avoid beaches and parks over hot Easter weekend and hospital death toll nears 10,000”

    https://www.independent.co.uk/news/health/coronavirus-update-live-latest-news-today-uk-cases-deaths-boris-johnson-covid-19-a9461211.html

    Is that so?

    Brighton beach webcam:

    https://drakesofbrighton.com/webcam

    Scheveningen strand in the Netherlands webcam:

    http://www.scheveningenlive.nl/strand-webcam/

    Both empty.

  16. Abraham van Helsing on Mon, 13th Apr 2020 6:19 am 

    Germany preparing its population for a gradual return to normality:

    https://www.focus.de/gesundheit/news/coronavirus-news-china-meldet-hoechste-zahl-an-neu-infektionen-seit-wochen_id_11576018.html

    – Schools to be reopened soon
    – Obligatory mask-wearing in public transport
    – Hotels & cafe’s reopen, albeit with restrictions
    – No excessive state economic support interventions; everybody will be hurt by corona and will have to bear the financial pain mostly yourself (only too-big-to-fail will be supported)

    Message to the boobs from the German government: no holiday this year, no new car, no new phone, no new nothing. In the worst case go to the food bank and we’ll ensure that you can’t be thrown out of your home any time soon (most main street shops aren’t paying rent either). But that’s it.

  17. Abraham van Helsing on Mon, 13th Apr 2020 6:27 am 

    Ventilator: 40-50% dies, in NYC 80%.

    https://www.focus.de/gesundheit/news/beatmungsgeraete-in-der-kritik-viele-beatmete-covid-19-patienten-sterben-us-aerzte-schlagen-alternativen-vor_id_11877032.html

    Ventilators: cruel attempt to keep those alive who have reached end-of-life status.

    US-doctors promote alternative measures, like putting a patient on his belly, without a ventilator.

    In Holland old corona patients are discouraged to undergo a ventilator treatment.

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