Pandemic punches 1.7-billion-barrel hole in global oil demand
SATURDAY, MAY 16, 2020
A fifth of global demand for oil will disappear this quarter. All three of the major forecasting agencies now agree that the world faces its biggest-ever slump in oil consumption, after governments imposed movement restrictions on billions of people to combat the coronavirus. The scale of the demand hit means that despite producers implementing unprecedented output cuts, stockpiles will soar this year.
Global aluminium demand is expected to grow by 4 per cent in compound annual growth rate (CAGR) between 2018-2020, driven by construction and automotive manufacturing in China.