The International Energy Agency (IEA) in its Global Energy Review 2020 said that global mobility, which accounts for 57% of global oil demand plunged in the first quarter of 2020 as a result of measures to contain the coronavirus pandemic. According to the report, the plunging global mobility caused a record 10.8 million bpd year-on-year fall in oil demand in March alone.
Road transport in areas implementing lockdowns fell between 50% and 75%, IEA said. By the end of March 2020, the worldwide average road transport activity dropped by nearly 50% from a year earlier. Meanwhile, global aviation activity declined by 60%, with air travels in certain regions almost ground to a halt.
The severe slowdown in the transportation sector caused global gasoline demand to decline by 1.7 million bpd in the first quarter of 2020, compared to the same quarter of 2019. Diesel demand also dropped 1.5 million bpd over the same period due to restrictions to rail and bus transport amid sluggish economic activity. Meanwhile, global jet fuel use is estimated to have fallen by 1.2 million bpd over the same period.
In the first quarter, oil demand in advanced economies fell by 2.3 million bpd year-on-year. Oil consumption dropped by 3.3 million bpd over the same period in the rest of the year. In its Global Energy Review 2020, IEA expected global oil demand to fall by a record 9.3 million bpd in 2020. However, In May, the agency adjusted its estimate to 8.6 million bpd as some countries began to ease their lockdown measures.
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Published on May 15, 2020 1:17 PM (GMT+8)Last Updated on May 15, 2020 1:18 PM (GMT+8)
