Global fuel demand hit heavily by the coronavirus crisis is predicted to recover much slower than it was previously expected. The worlds’ largest economies are shrinking, thus causing a reduction in global oil consumption. Just recently, oil analysts provided a positive outlook for a swift demand recovery. However, the grim reality has changed the prospects for energy demand. According to the OPEC monthly report, the world’s demand for crude will drop by more than 9% year-on-year in 2020. So, in a best-case scenario, OPEC sees oil demand falling by 9.1 million barrels per day to 90.6 million barrels per day. This forecast is only relevant when the spread of the coronavirus is contained and no additional restrictions are imposed. Obviously, the second wave of the pandemic will deliver a strong blow to the energy market. In the meantime, experts keep monitoring the situation in the United States, the world’s largest economy. They have also stressed the need to closely watch the latest rise in coronavirus cases across the US as this can halt the recovery of consumer confidence and spending. Additionally, analysts point out that the development of the pandemic needs to be monitored in such countries as India, Brazil, and some European states, including Spain.
