World’s Largest Oil Trader Says Demand Could Plummet By 20 Million Bpd

A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil demand could slump by 15 to 20 million bpd over the next few weeks. On an annual basis, Hardy said, this would contribute to a demand decline of 5 million bpd. “It’s pretty huge in terms of anything we’ve had to deal with before,” Vitol’s chief executive said. More bad news is coming, too. India’s Prime…