With the world locked down for the coronavirus, global oil demand is seeing its sharpest plunge on record.
Current estimates have 2020 oil demand contracting by as little as 6.8 million b/d, as predicted by OPEC, to as much as 9.3 million b/d, according to the International Energy Agency.
Still further downgrades are possible based on when economic activity starts to return. But so much is unknown about that timeline all across the globe. So how does an oil analyst predict future demand in the face of so much uncertainty?
Claudio Galimberti, S&P Global Platts Analytics' head of demand, refining and agriculture, shares some of the potential recovery scenarios and what factors will influence whether the 2020 oil demand outlook stabilizes or sinks further.