EIA: Global Oil Consumption Crashed By 9% In 2020

Due to the coronavirus restrictions and lockdowns, global consumption of petroleum and other liquid fuels crashed by 9 percent to 92.2 million barrels per day (bpd) in 2020, the U.S. Energy Information Administration (EIA) said on Friday, nothing this was the largest drop in EIA’s series dating back to 1980. The world will return to more normal consumer behavior this year, and a continued recovery in economies is set to contribute to rising oil consumption in 2021 as the year progresses. EIA expects in its January Short-Term Energy Outlook…