Global oil demand fell by 16.4 million bpd in the second quarter, according to the International Energy Agency. For the full year, the IEA sees the demand decline 7.9 million bpd. This is 7.9 million bpd less oil that would need to be processed into fuels and plastics feedstock by global refiners. And, as ironic as it may be, refiners are also facing a tighter crude oil market, according to the IEA, meaning higher prices for crude and thinner margins still. This is not a good time for the downstream industry. #CrudeOil#