# The global oil industry is experiencing a shock like no other in its history – Analysis - IEA

> The IEA says the oil industry is facing an unprecedented shock from the coronavirus pandemic, with global demand falling sharply, especially in transport. Oil stocks are building fast and saturating storage, while OPEC+ restraints have ended and supply is rising.

- Date: 2020-04-01 · published 2020-04-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53840-the-global-oil-industry-is-experiencing-a-shock-like-no-other-in-its-history
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Demand destruction plus a supply surge means crude prices are likely to stay depressed, weakening biofuel economics and energy-linked costs for feed production. Lower oil prices also dampen demand for corn-based ethanol and vegetable oil used in biodiesel.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-04-24 | [Rival storylines duel in the global oil market \| The National](https://feedsoft.ai/events/71672-rival-storylines-duel-in-the-global-oil-market-the-national.md) | -0.6% | +1.4% |
| WTI | 2018-11-18 | [The tumbling oil price is a warning of turbulent times in the world economy \| Global economy \| The Guardian](https://feedsoft.ai/events/10587-the-tumbling-oil-price-is-a-warning-of-turbulent-times-in-the-world-economy.md) | -8.8% | -11.8% |
| WTI | 2018-10-23 | [Canadian dollar shakes off plunge in oil as investors brace for BoC rate hike - The Globe and Mail](https://feedsoft.ai/events/62779-canadian-dollar-shakes-off-plunge-in-oil-as-investors-brace-for-boc-rate-hike.md) | -3.2% | -17.6% |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |
| WTI | 2022-12-08 | [Explainer: What happened to the 2022 global oil rally? \| Reuters](https://feedsoft.ai/events/38396-explainer-what-happened-to-the-2022-global-oil-rally-reuters.md) | +7.3% | +2.5% |
| BRENT | 2022-12-08 | [Explainer: What happened to the 2022 global oil rally? \| Reuters](https://feedsoft.ai/events/38396-explainer-what-happened-to-the-2022-global-oil-rally-reuters.md) | +7.6% | +0.4% |
| BRENT | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -3.4% | -10.1% |
| BRENT | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | -1.2% | -25.9% |

## Sources

- iea.org: https://www.iea.org/articles/the-global-oil-industry-is-experiencing-a-shock-like-no-other-in-its-history

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.