The Real Oil Demand Shock Is Yet to Come

Oil demand has been revised downward several times since the start of the year by nearly every analyst or banking institution thanks to the devastating impact of the coronavirus. With the number of coronavirus cases in China--the world’s largest oil importer--seemingly leveling off in recent days, some may be taking the view that the worst of the oil demand shocks is now behind us.

But more shocks are on the horizon as the world’s number one crude oil consumer--the United States--begins its own war on the deadly virus.