NEW YORK (AP) — Profits fell at Exxon Mobil during the first quarter as the global pandemic began to erode oil demand.

The Irving, Texas oil giant lost $610 million in the first quarter, down 126% from the same time last year, the company said Friday.

Revenue was $56.16 billion, down 12% from the same time last year.

Fewer people are driving or flying as the world fights to contain the spread of COVID-19, decreasing the need for fuel.

CEO Darren Woods says that demand drop is resulting in oversupplied markets and unprecedented pressure on prices and margins.

Even before the coronavirus hit, oil prices were low because of a trade war between the U.S. and China which contributed to a global economic slowdown.

The price of a barrel of U.S. benchmark fell nearly 70% since the start of the year.