Global demand for petroleum products plummeted in 2020, the U.S. Energy Information Administration (EIA) confirmed in a report Friday, noting the dramatic impacts of government lockdowns and travel restrictions imposed to slow the spread of the coronavirus.

liquid fuels consumption

EIA estimated 92.2 million b/d of petroleum and other liquid fuels were consumed globally in 2020, a 9% drop from the previous year and the largest decline in EIA data that dates to 1980.

The agency said its estimate accounted for economic contraction, job losses, vehicle fleet fuel efficiency, and oil prices that plunged into negative territory last spring amid the initial demand destruction caused by the pandemic. EIA said it also factored in third-party indexes that tracked mobility, flights, and government stay-at-home...