| From gasoline in the car and jet fuel for planes, to single and multi-use plastic products, crude oil is everywhere.
However, oil demand came crashing to a halt this year as the global economy shut down due to the coronavirus. Adjusted for the impact of the pandemic, crude oil production is expected to end the year around 92 million barrels per day.
That's down from a high of 100 million barrels per day in 2019.
To date, British Petroleum PLC (NYSE: BP), Royal Dutch Shell PLC (NYSE: RDS.A) and Total SE (NYSE: TOT), three of the world's largest and most powerful oil companies, have all forecast significantly lower future oil demand.
It's only a matter of time before the likes of Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) update their respective forecasts as well. |
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