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Old 05-11-2020, 11:17 AM   #5402
Hemi-Cuda
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Originally Posted by Ozy_Flame View Post
While I think it's a bit early to be making statements like this since we aren't completely out of lockdown and don't know how corporate culture will be affected long term, I have no doubt that we have accelerated work-from-home culture that will have an impact on business travel and where/how we commute.

Goldman Sachs official says companies switching to Zoom instead of business travel could hit oil demand by up to 3 million barrels per day

he coronavirus pandemic will take a lasting chunk out of business travel and hit demand for oil as companies adapt to Zoom and other video-conferencing tools, a Goldman Sachs official said Thursday.

“I think you’re going to lose a good chunk of the jet demand that would have been associated with business travel. Our base case is you lose somewhere around 2 to 3 million barrels per day,” said Jeff Currie, Goldman’s global head of commodities research, at a media briefing.

Global oil demand is expected to fall by 9.3 million barrels per day in 2020, according to the International Energy Agency.

This really should be looked at as one of the great positives of this pandemic, less oil being burned on a daily basis is a win for everyone, even if they can't admit it
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