Global oil demand growth—the very thing on which the entire state of the oil industry hinges—is expected to taper off, IHS Markit has said in its latest forecast. The forecast joins the growing chorus of pessimistic forecasts shining a light on the future of global oil demand growth, which has been pushed down due to the Covid-19 pandemic—specifically the lockdowns and depressed travel activity. Global oil demand is currently sitting at 89% of pre-pandemic levels, IHS Markit said. It is then expected to rise and level off at between 92% and 95% of the demand pre-pandemic. Oil demand growth, therefore, will wane and plateau through Q1 2020 as fewer people are commuting to work, and as air travel slumps considerably amid remaining travel restrictions and people’s subdued appetite for air travel—particularly international air travel. According to IHS Markit, the current appetite for air travel will remain depressed until such […]