GLOBAL OIL INVENTORIES WILL DOWN
U.S. EIA - July 8, 2020 - The disruptions to global petroleum supply and consumption as a result of the 2019 novel coronavirus disease (COVID-19) and associated mitigation efforts have been significant. As road and air travel fell sharply when economies around the world went into lockdown in the first quarter and early second quarter of 2020, global liquid fuels consumption fell more quickly than production. Based on the mismatch between production and consumption of liquid fuels, the U.S. Energy Information Administration (EIA) estimates that global oil inventories increased by almost…
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