OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast - Bloomberg:
OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.
Having expected a month ago that fuel consumption would increase by just under 1 million barrels a day, or 1%, in 2020, the group said in a report on Wednesday it now sees an increase of just 60,000 barrels a day. It also sharply cut estimates for supplies from rivals as lower prices hobble U.S. shale drillers.
“The outbreak is also assumed to severely affect oil demand growth in various other countries and regions outside China,” the report said.
OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.
Having expected a month ago that fuel consumption would increase by just under 1 million barrels a day, or 1%, in 2020, the group said in a report on Wednesday it now sees an increase of just 60,000 barrels a day. It also sharply cut estimates for supplies from rivals as lower prices hobble U.S. shale drillers.
“The outbreak is also assumed to severely affect oil demand growth in various other countries and regions outside China,” the report said.
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