StanChart widens oil demand loss forecasts citing lockdowns - Reuters:
Standard Chartered expects oil demand in April to fall by 18.5 million barrels per day (bpd) year on year, deepening its previous forecast of a 10.5 million bpd fall, citing global lockdowns prompted by the coronavirus.
It now sees demand for 2020 falling by a record 5.43 million bpd on average.
“Tighter mobility restrictions as part of government coronavirus responses have worsened our outlook on the oil demand shock,” the bank’s analysts said in a note.
It expects a market surplus of 21.8 million bpd in April, one of 19.5 million bpd in May, and one of 13.7 million bpd in June.
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