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The World's Oil Demand Is Shrinking By the Most in History

  • Oil trader says demand could soon fall by up to 10 million b/d
  • ‘We haven’t seen a demand event like this in history’
Pumping Jacks As Oil Rally Falters In Escalating Price War
Photographer: Bloomberg/Bloomberg
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Global oil demand is contracting by the most in history and could soon fall by as much as 10 million barrels a day, according to Saad Rahim, chief economist at oil trading giant Trafigura Group.

The world’s oil consumption is rapidly shrinking as Western countries intensify their fight against the worsening coronavirus outbreak, Rahim said in an interview. Trafigura is one of the world’s top three independent oil trading houses, along with Vitol Group and Glencore.