Crude oil demand wiped off due to COVID-19

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The global demand for crude oil has been wiped off due to widespread COVID-19. All the countries are shutting down their economies to stop coronavirus. This month, there is a reduction in crude oil demand by 27 million barrels per day.

As per United States Energy Information, the gasoline consumption in the US was at least 30 years low. As a significant part of the country is under lockdown.

Let us take a quick view on crude oil demand reduction in various countries: 

  • United States – In the US, oil demand has fallen to 14 million barrels per day (BPD). It is the lowest consumption since 1990. Experts forecasts; it will further decline to around 17 million BPD.
  • Spain – Spain is one of the most affected countries by the coronavirus. Petrol, Aviation fuel, kerosene, diesel, all petroleum products demand falls more than 30 percent.
  • India – India is one of the biggest consumers of petroleum products. Here, the demand has been collapsed by 70%. The entire nation is under lockdown for three weeks.
  • China – is the biggest importer of crude oil. Wuhan city is the epicenter of the coronavirus. It was under lockdown for four months.
  • Italy – Italy, imposed strict restrictions on movement due to coronavirus. Due to restrictions on movement, crude oil demand collapsed by more than 80 percent. 
  • United Kingdom – According to the UK petroleum association, the sale of diesel seen a fall by 57 percent. Even gasoline demand has fallen by 66 percent.

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