You are listening to Business Daily with me, Justin Rowland.

And today, we will be asking whether the corona crisis is a watershed moment for the oil industry.

Over the last two months, demand for oil worldwide has fallen by a third.

Prices have halved.

There's no question that this is going to have devastating impacts on companies

and countries for many, many countries around the world. This is a life or death situation.

So what happens to all that surplus oil? And more important still, what does it mean for the

future of the oil industry itself? We've probably got a few years of very weak demand, and by 2024, I think the electric cars are going to be so much better than today that I'm not sure that oil is ever going to come back.

That is all here on Business Daily on the BBC World Service.

Now this is an unusual sound these days.

I am filling up a car with petrol. Because the thing is, now I've finished, all you hear is this. That is the sound of

London during rush out on a busy road. There is virtually no traffic at all. The empty roads

and empty skies are evidence of the huge reduction in global

oil demand over the last few weeks. It's reckoned to have slumped by as much as a third

as economies grind to a halt. Like the rest of the oil industry, the manager of this North

London gas station has never seen anything like it.

All right, so observing the social distancing, I'm just going to put my phone on the table if you can speak into that.

Sure.

So how has demand been affected?

Well, footfall has obviously dropped.

Emergency services have increased, so we're getting a lot more police.

And you're right by the hospital, aren't you?

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