Public Conditioned to Live in ‘Bubbles,’ Use Big Tech Hitting Oil Demand

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The coronavirus pandemic will take a lasting chunk out of business travel and hit demand for oil as companies adapt to Zoom ZM, -1.52% and other video-conferencing tools, a Goldman Sachs GS, +1.68% official said Thursday.

“I think you’re going to lose a good chunk of the jet demand that would have been associated with business travel. Our base case is you lose somewhere around 2 to 3 million barrels per day,” said Jeff Currie, Goldman’s global head of commodities research, at a media briefing.

Global oil demand is expected to fall by 9.3 million barrels per day in 2020, according to the International Energy Agency.

Demand for oil has been hurt significantly by the pandemic as countries impose lockdowns to control its spread, and countries have cut supplies. In April, futures for West Texas Intermediate crude traded below zero for the first time ever.

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