The International Energy Agency expects global oil demand do decline by 9.3 million barrels per day in 2020 compared to the previous year. The coronavirus pandemic and resulting decline in consumer demand have had catastrophic implications for many oil producers, with concerns about dwindling storage capacities resulting in many benchmark oil prices reaching new lows.
For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.
Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020
(in million barrels per day)
This statistic was assembled using two different sources. Data for the OPEC outlook was published in the OPEC Monthly Oil Market Report of April 2020, found here.
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OPEC, & IEA. (April 16, 2020). Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, und IEA. "Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day)." Chart. April 16, 2020. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, IEA. (2020). Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day). Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, and IEA. "Projected Decline in Annual Global Oil Demand Volume following Impact of Covid-19 by Source for 2020 (in Million Barrels per Day)." Statista, Statista Inc., 16 Apr 2020, https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC & IEA, Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) Statista, https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/ (last visited December 30, 2024)
Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) [Graph], OPEC, & IEA, April 16, 2020. [Online]. Available: https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
