The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter. Global oil demand in Q2 is set to be at around 86 million bpd, down by 12 million bpd year on year, OPEC said in its closely watched Monthly Oil Market Report on Thursday. In the second quarter, the call on OPEC crude will be 19.73 million bpd, down by 9.6 million bpd from the demand for OPEC’s oil in Q2 2019. The fewer-than-20-million-bpd demand for OPEC crude in Q2 2020 would be the lowest since 1989, the last time OPEC pumped so little crude oil, according to Bloomberg estimates . Even with the historic OPEC+ agreement to remove 9.7 million bpd from the market in May and June, OPEC alone is faced with a gaping hole between crashing demand […]