• Oil consumption just fell off a cliff. Sand niggers shitting bricks.

    From Dave Cross@21:1/5 to All on Thu Mar 5 09:33:33 2020
    XPost: alt.niggers, alt.fan.rush-limbaugh, talk.politics.mideast
    XPost: sac.politics

    London (CNN Business)Oil producers are facing the biggest drop
    in demand for their product ever as the coronavirus spreads
    around the world, forcing OPEC and its allies to consider
    emergency measures.

    Research firm IHS Markit said Wednesday that oil demand will
    suffer its steepest decline on record in the first quarter
    worse even than during the 2008 global financial crisis as
    schools and offices close, airlines cancel flights worldwide and
    a growing number of people hunker down at home.

    Most of the reduction in demand can be traced to China, where
    the coronavirus has caused what IHS Markit describes as an
    "unprecedented stoppage" of economic activity.

    But reduced consumption will be widespread, and IHS Markit
    expects global demand to drop by 3.8 million barrels per day in
    the first quarter compared to 2019. Demand in the first three
    months of 2019 was 99.8 million barrels per day.

    "This is a sudden, instant demand shock and the scale of the
    decline is unprecedented," said Jim Burkhard, vice president and
    head of oil markets at IHS Markit.

    The warning comes ahead of a critical meeting Thursday for OPEC
    members and allied producers in Vienna. The cartel, is under
    pressure to announce yet another round of coordinated production
    cuts, its preferred method of propping up prices.

    Coronavirus fears have already driven oil into a bear market,
    with Brent crude futures, the global benchmark, trading at
    $52.65 per barrel, more than 23% below their recent peak in
    early January. US oil is trading at $48.22, nearly 24% below
    recent highs.


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