I would have to see the statement to make a further comment. Although I know for sure demand has not dropped 47%. You can look at nymex and see the totals daily.
—Although I know for sure demand has not dropped 47%.—
Of course not. I doubt it dropped even 10 percent since the July high price ($147/bbl IRRC) hit. It would take something on the order of a nuclear war devastating both the USA and China to drop world oil demand by almost 50 percent.