Global Oil Demand in Freefall on Pandemic, IEA Chief Says

Financial Post | Mar 26, 2020 at 4:59 PM
  • Global oil demand is in freefall because of the coronavirus pandemic, a situation that is exacerbated by the price war between Saudi Arabia and Russia.
  • The market is being hit on an unprecedented scale by a combination of demand destruction and a supply surge following the breakdown of Saudi Arabia and Russia’s partnership.
  • A major decline in U.S. shale output is likely from the next quarter.