Global Oil Use Headed for Record Drop

“Global oil consumption is in free-fall, heading for the biggest annual contraction in history, as more countries introduce unprecedented measures to fight the coronavirus pandemic,” the Los Angeles Times reports.

“Travel bans, work-from-home policies, canceled vacations and disrupted supply chains all mean reduced demand for fuel. As societies respond to the virus, oil demand — already hammered by China’s decision to shut down swaths of the economy — is falling further.”