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Oil’s Apocalyptic April Could Reverberate for Years to Come

  • Analysts see oil demand falling by 15-22 million b/d in April
  • This will likely be an industry game-changer, Goldman says
Pumping Jacks As Oil Rally Falters In Escalating Price War
Photographer: Andrey Rudakov/Bloomberg
Updated on

Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.

Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.