Told you South Korea was nextI told you South Korea, the world’s 8th largest consumer of oil, wasn’t far behind Japan, the world’s 4th largest consumer of oil, on being affected by the coronavirus. Now a city of 2.5 million is asking its citizens to stay indoors and to wear masks inside their homes. The number of total cases almost doubled in South Korea yesterday.
China is claiming cases are dropping. Deaths are not, probably because it’s harder to redefine death. Although China has never been honest about infection rates, surprise surprise, so ignoring deaths won’t be difficult for China if it feels the need. What is certain is business in China is far from normal and will continue for many weeks to come. Now the rest of the world starts to suffer in both human and economic levels.
Oil consumption will surely continue to fall as a result. Growth in usage in 2020 is a thought of the past. JMHO. GLTA.
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