The month of May underlined the volatility expected in global demand as markets wrestled with the fallout from the COVID-19 virus pandemic and the resultant regional lockdown measures. The Seasonally Adjusted Annualised Rate (SAAR) has fallen to just 49 million units in April 2020, from 91 million units in December 2019.
Latin America is increasingly becoming an epicenter of the global coronavirus (COVID-19) disease 2019 pandemic. The shock on the region's economies is worsening, in turn depressing energy consumption.
COVID-19 hits Latin American economies that are already weakened, with already dampened energy demand growth expectations. Mexico's economy stagnated in 2019 amid policy uncertainty, Brazil is shaking off years in the doldrums, Argentina is trying to refinance its massive debt, and Chile recently endured nationwide social protests.