Oil Demand Destruction Could Reverberate for Years to Come

Bloomberg reports on an uncertain future for the oil industry.

Apr.01 — Oil is entering a period of unparalleled demand destruction that promises to transform the industry for years to come.

The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.

This report include comments by Federal Reserve Bank of Dallas President Robert Kaplan, Vitol Group Chief Executive Officer Russell Hardy and Chevron Corp. CEO Mike Wirth.

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Perhaps the current crisis could lead to a way more rapid shift to alternative energies, other than oil, than were perhaps going to happen.

Certainly the oil industry is going to see some further disruption for the foreseeable future, as millions of people stay home for Covid-19.

In This Story: COVID-19

Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

Symptoms of coronavirus

The main symptoms of coronavirus are:

  • a persistent new cough (non productive, dry)
  • a high temperature (e.g. head feels warm to the touch)
  • shortness of breath (if this is abnormal for the individual, or increased)

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