Vitol: 20 Percent Drop in Oil Demand Compared To Last Year

Vitol: 20 Percent Drop in Oil Demand Compared To Last Year

Vitol, the largest independent oil company in the world, says oil demand has dropped 20 percent since last year Energy and commodity company Vitol Group stated that global oil demand has fallen by 20 percent compared to last year, with the implementation of closures in more and more countries to prevent the spread of coronavirus. Russell Hardy, the head of the world's largest independent oil-trading company, said crude oil consumption fell between 15 and 20 million barrels compared to the normal level of around 100 million per day. "Demand fell significantly. Demand will remain lower for a while," Hardy said in an interview with Bloomberg Television on Wednesday. Underlining that the drop in this level will take at least a few more weeks, Hardy said he will add to the annual average drop of at least 5 million barrels a year - by far the sharpest drop in the global oil market since the early 1960s. Vitol estimates that gasoline consumption fell 50 percent in Europe and 15 percent in the US, while diesel oil was less affected. According to the agency, jet fuel consumption has decreased from 7.3 million barrels a day to 6 million barrels a day. Vitol, the world's largest independent energy trading company, carries oil as much as the total needs of Germany, France, Italy, Spain, and Britain every day with its ships, tankers, and pipelines.