The oil markets have been anticipating a big impact on oil demand from the coronavirus outbreak. That’s why we have seen a 30 percent drop in the price of crude oil since the beginning of January. But we now have some indication of just how much oil demand has been impacted: It’s the largest quarterly demand drop we have ever seen. Those are the findings from the latest assessment by the IHS Markit Crude Oil Market Service . IHS Markit projects that Q1 2020 world oil demand will decline by 3.8 million barrels per day (BPD) from a year earlier. This represents a downward revision of 4.5 million BPD from estimates prior to the outbreak. Previously, the largest quarterly decline was during the financial crisis of 2009, when Q1 oil demand fell 3.6 million BPD year-over-year. Jim Burkhard, vice president and head of oil markets at IHS Markit, noted […]