2/13, 10:08 AM (Source: TeleTrader)
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IEA: Global oil demand to mark first fall in decade in Q1

Global oil demand will mark its first quarterly drop in more than 10 years as it is expected to decrease by 435,000 barrels a day on an annual basis in the first trimester of 2020, according to the International Energy Agency (IEA) report on Thursday. As the agency claimed, the coronavirus outbreak drove the global demand lower as it impacted the Chinese economy's shutdown.

For the full year 2020, the IEA decided to reduce its global oil demand forecast by 365,000 barrels per day to 825,000 bp/d.

Meanwhile, the IEA revised its forecast regards global refinery runs, expecting the growth at 0.7 mb/d in the whole 2020. Global oil supply went down by 800,000 barrels per day to 100.5 million barrels per day.

Breaking the News / GA