Thirst for Oil Vanishes, Leaving Industry in Chaos; As people stay home to avoid the new coronavirus, the petroleum business is 'experiencing a shock like no other in its history'
No one expected 2020 would unleash a world-wide oil-production cut led by the U.S., Saudi Arabia and Russia. But since the new coronavirus hit, the world's thirst for oil has vanished, creating an unprecedented crisis for one of the planet's most powerful industries. "Since humans started using oil, we have never seen anything like this," said Saad Rahim, chief economist at Trafigura Group Pte. Ltd., a Singapore commodity-trading company that estimates demand at 65 million to 70 million barrels a day. "There is no guide we are following. This is uncharted."
This article was originally published by Wall Street Journal on the 14 April 2020.
Read the full article: https://www.wsj.com/articles/thirst-for-oil-vanishes-leaving-industry-in-chaos-11586873801
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