Russell Hardy, CEO of Vitol Global Oil Trading Group, expected to lose oil demand from 15 to 20 million barrels per day over the next few weeks. p>


According to ArabiaNet, Hardy told Bloomberg TV that the figure equated to an annual decrease in demand of approximately 5 million barrels per day.


Hardy added that refineries have so far reduced around 7 million barrels per day, but further cuts are imminent as stocks become full.


On oil prices, Hardy expected it to retreat further ... as demand stops hitting markets now.


Oil prices fell today, Wednesday, as the faltering demand for fuel due to the spread of the Corona virus overshadowed a massive American economic stimulus package that is expected to be approved soon.


And Brent crude was down 88 cents, or 3.3%, to $ 26.27 a barrel by 11:57 GMT, after rising earlier to $ 28.29.


US crude fell 30 cents, or 1.17%, to $ 23.73, after increasing to $ 25.24 a barrel.


US lawmakers and administration officials at President Donald Trump reached an agreement on a $ 2 trillion stimulus bill that is expected to be passed by Congress later today.


But the demand for petroleum products, especially aviation fuel, is declining around the world as more governments announce nationwide isolation to stem the spread of the Corona virus, which limits oil price gains.