It will not only reach it, but it will also far exceed it. The world is in the middle of a huge economic crisis and it’s not because of COVID. This was only the drop that made the barrel spillover. No, we have lived beyond our means for decades and replaced the real economy with financial gimmickry. We must lose that, put the Financial industry back where it belongs, and reform corporations and managerial responsibility. And we need iron-clad guarantees for real entrepreneurs. Not the Silicon Valley kind but the mum & pop businesses. A society that does not care for its small entrepreneurs is a society that dies.
Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said.