Rystad Energy is now changing its base-case scenario for oil demand, banking on a second wave of Covid-19. The new assumption for the base case now incorporates a mild second wave of the coronavirus, which will stall the global oil demand recovery. While Europe reopens parts of its economy, triggering an increase in oil demand, increases in the number of coronavirus cases in other large oil consumers, including the United States, Brazil, and India will offset those European increases, according to Rystad. Rystad also added a worst-case scenario—one that sees oil demand to be 3.7 million bpd lower for the remainder of 2020, compared to the above base-case scenario, if full lockdowns are reimplemented globally due to increases in the coronavirus. Rystad notes, however, that even in this case, where a second wave causes widespread full lockdowns, oil demand will not be as hampered as it was back in […]