The recent oil-price collapse led the US Energy Information Administration Wednesday to cut its forecast for global oil demand 50% from earlier this year, drop some oil price projections by more than $24/b and predict that a peak in US oil output may arrive next month. A closer look at the EIA’s latest Short-Term Energy Outlook: EIA slashed another 660,000 b/d from its outlook for 2020 global oil demand growth, now predicting growth of 370,000 b/d from 2019. This is down from 1.34 million b/d in its January short-term outlook, before the coronavirus outbreak became severe in China and started spreading globally. S&P Global Platts Analytics has a current base case of 240,000 b/d of oil demand growth in 2020 but a worst-base “global epidemic” scenario that would contract oil demand by 975,000 b/d from […]