this quarter due to unprecedented demand destruction, Fatih Birol, Executive Director of the International Energy Agency , has said.
As a result of restricted commuter travel, grounded flights, and economic slowdown, demand for oil in April is expected to drop by 20 million bpd year on year, and probably more. Earlier last week, the IEA said that the world has seen some oil shocks before, but “none has hit the industry with quite the ferocity we are witnessing today.”