The International Energy Agency expects global oil demand do decline by 9.3 million barrels per day in 2020 compared to the previous year. The coronavirus pandemic and resulting decline in consumer demand have had catastrophic implications for many oil producers, with concerns about dwindling storage capacities resulting in many benchmark oil prices reaching new lows.
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Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020
(in million barrels per day)
Characteristic
Year-on-year decline in million barrels per day
IEA outlook
9.3
OPEC outlook
6.9
024681012
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This statistic was assembled using two different sources. Data for the OPEC outlook was published in the OPEC Monthly Oil Market Report of April 2020, found here.
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OPEC, & IEA. (April 16, 2020). Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) [Graph]. In Statista. Retrieved May 08, 2025, from https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, und IEA. "Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day)." Chart. April 16, 2020. Statista. Accessed May 08, 2025. https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, IEA. (2020). Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day). Statista. Statista Inc.. Accessed: May 08, 2025. https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC, and IEA. "Projected Decline in Annual Global Oil Demand Volume following Impact of Covid-19 by Source for 2020 (in Million Barrels per Day)." Statista, Statista Inc., 16 Apr 2020, https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
OPEC & IEA, Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) Statista, https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/ (last visited May 08, 2025)
Projected decline in annual global oil demand volume following impact of Covid-19 by source for 2020 (in million barrels per day) [Graph], OPEC, & IEA, April 16, 2020. [Online]. Available: https://www.statista.com/statistics/468410/global-oil-demand-decline-outlook-following-covid19/
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