Effect Of The COVID-Led Supply Disruption: Part 1

• The COVID-19 pandemic has impacted the demand and supply of global commodities, particularly crude oil.  

• According to the Organisation of Petroleum Exporting Countries (OPEC), global oil demand plunged from 100.03 million barrels per day (mb/d) in 2019 to 90.79 mb/d in 2020, as mobility control led to weaker usage of oil. Subsequently, Brent Crude Oil prices fell to an all-time low of USD19.3 per barrel in April 2020 from a peak of USD68.9 per barrel in January 2020.