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Oil usage during Covid dropped significantly. This article says 20% https://www.spglobal.com/en/research-insights/featured/moving-mountains-covid-19-and-peak-o

• Sebb767 5y ago
  So we only need half of what we saved when states went into complete lockdown and travel basically ceased existing? That's not a very positive outlook.
  • melling 5y ago
    Not really, you went with one extreme of what I said, which was 5%-10% so anywhere from 25% to 50%. Even getting consumption down 5% would be helpful. Other countries can increase output.
• antisthenes 5y ago
  That's very selective reading. Here's what the article says: > The unprecedented collapse in worldwide mobility as a result of lockdowns and travel restrictions in March and April 2020 slashed oil demand by over 20 million b/d, or 20% of total demand. So the 20% drop was temporary, during the most strict lockdown months. Extrapolating that to longer-term periods is obviously a mistake. > We expect about 75% or 6.3 million b/d of demand to come back in 2021 So the demand would be down by 5% (25% of 20%), YOY. No predictions as to how much it could come back in 2022. The graph a little bit further down the article predicts oil demand to keep going up at least until 2035, and 2040 for all oil products.