On March 11, the World Health Organization officially categorized the Coronavirus, 2019 (Covid-2019) as a pandemic. Its impact on different economic sectors is yet to be fully understood, but forecasts suggest a dire scenario. For the first quarter of 2020, projections see an oil demand decline of 750,000 barrels per day, which would bring the quarterly total to 100.82 million barrels per day instead of 101.57 million as previously forecast. The first quarter is set to be hit the hardest, whereas revisions for the fourth quarter suggest a decline of 125,000 barrels per day.
Projected global oil demand volume following impact of Covid-19 by quarter in 2020
Characteristic
Pre-Covid 19 forecast* (in million barrels per day)
Covid-19 impacted forecast* (in million barrels per day)
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Argus Media. (February 17, 2020). Projected global oil demand volume following impact of Covid-19 by quarter in 2020 [Graph]. In Statista. Retrieved December 31, 2024, from https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/
Argus Media. "Projected global oil demand volume following impact of Covid-19 by quarter in 2020." Chart. February 17, 2020. Statista. Accessed December 31, 2024. https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/
Argus Media. (2020). Projected global oil demand volume following impact of Covid-19 by quarter in 2020. Statista. Statista Inc.. Accessed: December 31, 2024. https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/
Argus Media. "Projected Global Oil Demand Volume following Impact of Covid-19 by Quarter in 2020." Statista, Statista Inc., 17 Feb 2020, https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/
Argus Media, Projected global oil demand volume following impact of Covid-19 by quarter in 2020 Statista, https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/ (last visited December 31, 2024)
Projected global oil demand volume following impact of Covid-19 by quarter in 2020 [Graph], Argus Media, February 17, 2020. [Online]. Available: https://www.statista.com/statistics/332291/global-oil-demand-outlook-following-covid-19/
