Big Oil confronts possibility of terminal decline

IEA forecasts average daily oil demand will drop by 8% this year due to airline industry uncertainty

Published Sun, Jul 5, 2020 · 09:50 PM

Mivielle, Paris

ALTHOUGH crude prices have rebounded from Covid-19 crisis lows, oil executives and experts are starting to ask if the industry has crossed the Rubicon of peak demand.

The plunge in the price of crude oil during the first wave of novel coronavirus lockdowns - futures prices briefly turned negative - was due to the drop in global demand, as planes were parked on tarmacs and cars in garages.

The International Energy Agency (IEA) forecast that average daily oil demand will …