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Global oil demand is expected to decline by 11.5%

/ Saturday, 29 October 2022 /

According to the latest demand forecast of lesta energy, by 2020, the global oil demand will decrease by 11.5% year-on-year, i.e. 11.4 million barrels per day.

Total oil demand is expected to fall to 88.1 million barrels per day this year from about 99.5 million barrels per day last year, according to resta. Demand is expected to fall by 20.5% to 78.5 million barrels / day in May and 84 million barrels / day in June.

Leista believes that the global total demand for road fuel will drop by 9.9% year-on-year, i.e. 4.7 million barrels / day, to 42.7 million barrels / day. Aviation fuel demand is expected to decline nearly 40.8% year-on-year, or 2.9 million barrels / day, to 4.3 million barrels / day. Lesta predicted that by 2020, the total oil demand of the United States will decrease by 11.8%, i.e. 2.4 million barrels / day, to 18.1 million barrels / day, and that of Europe will decrease by 15.6%, i.e. 2.2 million barrels / day, to 12 million barrels / day.

Looking forward to 2021, lesta expects total oil demand to rebound to 96.3 million barrels / day. The average demand for road fuel is expected to be 46 million barrels / day next year, while the average demand for aviation fuel is expected to be 6.2 million barrels / day. Lesta estimates that by 2021, the total oil demand in the United States will average 19.4 million barrels per day, while that in Europe will average 13.2 million barrels per day.

Lestat’s previous demand forecast shows that oil demand will decrease by 10.8% in 2020, i.e. 10.7 million barrels per day. Road fuel demand is expected to decline by 10.8% year-on-year, i.e. 5.1 million barrels / day; aviation fuel demand is expected to decline by nearly 33.6% year-on-year, i.e. 2.4 million barrels / day.

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