• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 5 hours Clean Energy Is Canceling Gas Plants
  • 4 mins Rethinking election outcomes for oil.
  • 6 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 1 min China leaders meet to discuss proposed 5 year economic plan.
  • 22 mins The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 1 day GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 4 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 11 mins America's Frontline Doctors - Safely Start Living Again!
  • 1 day OP article : "Trump blasts Biden Fracking Plan . . . "
  • 22 hours Video Evidence that the CCP controls Joe Biden
  • 24 mins Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 7 hours Irina Slav has a good article - Regarding Investors & Oil
  • 1 day Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
  • 12 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
Will OPEC+ Decide To Extend Oil Output Cuts?

Will OPEC+ Decide To Extend Oil Output Cuts?

Oil markets remained strong during…

Could This Become The Next Big Shale Takeover?

Could This Become The Next Big Shale Takeover?

ConocoPhillips is reportedly in talks…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Surge In Coronavirus Cases Sparks Concerns About Demand Recovery

A surge in new cases in parts of the world and a resurgence of the coronavirus in places that had thought they’d beat it are leading to renewed lockdowns and worry that the recovery in oil demand, already hesitant, might end, Reuters reports.

GasBuddy data, for instance, shows that gasoline demand in the world’s top consumer fell by 5 percent on the week in the seven days to July 11. Meanwhile, new Covid-19 case numbers in the U.S. have been rising fast: yesterday, the country broke all records by reporting 77,000 new cases. The number of deaths, however, is falling.

These latest developments have prompted state officials to threaten new lockdowns, despite concern about what would happen to the recovery of the economy if lockdowns return.

At the same time, people are once again driving less when they should be driving more as this is the height of driving season in the northern hemisphere. In fact, Rystad Energy recently forecast that fuel demand in the United States would fall by some 1.1 million bpd this year, to 10.1 million bpd, the Houston Chronicle reported in early June.

Since then, infections have risen and so have fears about a return of the lockdowns. This means the actual decline in fuel demand could end up being even larger than 1.1 million bpd, especially if the country fails in bringing the disease under control as the population remains divided on things like the benefits of wearing masks in public spaces.

Indeed, in a July report, Rystad Energy said it expected global oil demand to shed another 2.5 million in addition to earlier projections because of the danger of a possible second wave of infections.

In the U.S., demand for gasoline fell for two straight weeks in July, when it was supposed to be rising the most. Reuters notes that this coincided with a sharp increase in new Covid-19 cases in some of the most populous states, which together account for more than 25 percent of total gasoline consumption.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News