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Oil consumption may not return to pre-coronavirus levels – BP

The UK-based oil and gas company BP Plc, one of the world’s seven oil and gas “supermajors,” said Monday that oil consumption might never return to levels seen before the coronavirus crisis. 

The relentless oil demand growth era is over, BP said in a report, contradicting OPEC and other major oil producers’ view that oil consumption will see decades of growth.

This month, oil prices have declined by 12% on signs of a slowdown in the global growth recovery and slower-than-expected decline in oil inventories. 

Oil demand was shattered in the second quarter as the coronavirus-induced lockdown restrictions brought the economic activity to a standstill across the globe, filling up both onshore and offshore storage tanks. 

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