The remainder of this year was spent recovering from that drop as the virus destroyed fuel demand around the world. Read MoreMajor oil companies, such as BP Plc and Total SE, published forecasts that include scenarios where global oil demand may have peaked in 2019. Consumption of world crude and liquid fuels fell to 92.4 million bpd for the year, a nine per cent drop from 101.2 million bpd in 2019, EIA said. Some 1.5 million bpd of processing capacity has been taken off the market, Morgan Stanley said. The next months are likely to be volatile as investors weigh tepid demand against another potential spike in oil supply.

Source: Standard Digital December 30, 2020 07:41 UTC