The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead our oil market and downstream analysis, helped me to piece together how things could unfold. Our Macro Oils service forecasts global liquids demand will drop by 8.1 million b/d on average to 90 million b/d in Q2 2020 year-on-year, and a meaty 10 million b/d from the all-time peak of 100 million b/d in Q3 2019. It’s an unprecedented drop. The averages don’t begin ... (full story)