The bad news is amid all the upheaval and destruction of demand, total consumption is to be down no more than 1% this year, if that.
Out of 84 million barrels a day of global consumption.
< 1% is not the sort of number that extend the lifetime of what’s in the tank. We, globally, are running out and there is no law of the universe that says the alternative is going to arrive before some desperate countries decide that there are ways to destroy demand other than recession.
Nuclear bombs come to mind. They would reduce demand, elsewhere.
It's the second most plentiful fluid and the erf keps making more from way down below.
That's why it's called rock oil (petro - leum ).