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Illustration: Aïda Amer/Axios

A number of forecasts show global oil consumption dropping this year for the first time since the financial crisis over a decade ago as the coronavirus outbreak prevents travel and stymies other economic activity.

What they're saying: The firm Rystad Energy, in a note yesterday, says it now projects global oil demand to fall by 600,000 barrels per day year-over-year — the world uses roughly 99 million barrels of oil per day — compared to 2019 levels.

  • The firm sees jet fuel demand dropping 11% this year and road fuel demand staying flat instead of growing.
  • Goldman Sachs analysts, in a note last night, now see global oil demand falling 310,000 barrels per day in 2020 compared to last year.

S&P Global Platts Analytics has a "base case" that still sees demand growth this year but also modeled a "global epidemic" scenario that shows a reduction of 975,000 barrels a day compared to last year.

The International Energy Agency estimated a drop of 90,000 barrels per day, but in their "pessimistic" case it swells to 730,000.

The bottom line: While it has long been apparent that the outbreak has thrown oil demand into reverse for the early part of 2020, analysts increasingly see the outbreak as deep and long-lasting enough to argue that oil consumption will also fall across the whole year.

Go deeper: Fueled by coronavirus, global oil demand set to drop record amount

Go deeper

Kendall Baker, author of Sports
1 hour ago - Sports

2021 Tokyo Olympics hang in the balance

Illustration: Aïda Amer/Axios

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

3 hours ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.