China’s oil demand amid the coronavirus outbreak is likely inflicting the worst oil demand shock to markets since the financial crisis of 2008-2009, with Chinese demand plunging by 20 percent compared to the typical demand for the season, sources with inside knowledge of the Chinese industry told Bloomberg.https://oilprice.com/Energy/Crude-Oil/Coronavirus-Could-Cause-Chinas-Oil-Demand-To-Plunge-By-20.html#
Oil price already too low for producers, now, a new threat. Expect more money-printing and bank bailouts. Oil industry is made up of steel and cement. If these assets run under capacity, something has to give.
