3 Jaw-Dropping Statistics Showing COVID-19’s Impact on the Oil Market

The COVID-19 outbreak has caused much of the global economy to shut down. That's had an enormous effect on oil demand, as well as pricing. The numbers are truly stunning.

Here's a look at several oil market stats that show the pandemic's immense impact on the oil patch.

The International Energy Agency (IEA) forecasts that oil demand will plummet a record 29 million BPD in April. Overall, the IEA estimates that global oil consumption will drop by 9.3 million BPD this year to an average of 90.5 million BPD, effectively wiping out a decade of consumption growth. 

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