1Q20 Saw Biggest Quarterly Drop in Oil Demand in History

IHS Markit employs more than 5,000 analysts, data scientists, financial experts and industry specialists. Their global information expertise spans numerous industries, including finance, energy, and transportation. Yesterday IHS Markit issued a bulletin to say its analysts expect when the tabulating is all done that world oil demand, due to fear over the COVID-19 coronavirus, fell by some 3.8 million barrels per day over the same quarter from 2019. That would be a new all-time, world record quarterly drop in oil demand. The previous record happened during the worldwide recession of 2009 when demand dropped 3.6 million bpd. Should we be worried that we are about to experience another worldwide recession?

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