In 2019，against the ongoing trade war between China and US，trade tensions around the world，and the tortuous of Brexit，the global economic growth is slowing down. The global oil demand increased 850 kbd，which is much lower than the average level in the past 20 years，and showed the characteristics of weak diesel，strong gasoline and demand moving eastward. In addition，the 2020 IMO regulation has promoted rising demand for low sulfur fuel oil. While in the beginning of 2020，the outbreak of COVID-19 pandemic became a “black swan” event with giant influence affecting global oil demand. All institutions have significantly revised downward the annual growth expectations. This year，global oil demand may show negative growth，setting a new low record since the 2008 financial crisis. Looking ahead，the impact of the pandemic on the global economy may continue to the second quarter. In response to the downward economic pressure，governments have implemented active monetary and fiscal policies，but the overall growth in oil demand still bear the brunt. In addition，the 2020 IMO regulation will continue influencing the structure of oil demand. In the mid-long term，the green revolution will drive industrial revolution，fuel efficiency improvement and the replacement by clean energy will become main trend，and the growth rate of global oil demand will slow down.