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OILX - Global Oil Demand Has Fallen By 900k B/D Following The Outbreak Of Coronavirus
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the falling global demand edition of Oil Markets Daily!
Since the coronavirus outbreak, we estimate global oil demand has fallen by ~900k b/d. We arrive at this figure via the following method. We are currently tracking global oil inventories, and so far, global crude inventories have been flat since the start of the year. The total oil stockpile has also been flat.
Source: Morgan Stanley
Coming into Q1 2020, the consensus estimate was for global oil inventories to show a surplus of ~600k b/d.