2/14, 6:06 PM (Source: TeleTrader)
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China oil demand drop may be at 4M bpd - Goldman Sachs

Chinese oil demand may have fallen as much 4 million barrels per day (bpd) as a result of the coronavirus COVID-19 outbreak that started in Wuhan, Hubei Province and has spread globally, analysts at Goldman Sachs warned on Friday.

Goldman Sachs reduced its 2020 global oil demand increase estimate to 600,000 bpd from the previously foreseen 1.1 million bpd.

Earlier, the International Energy Agency warned that the global oil demand is set to drop for the first time in 10 years in the first quarter of 2020 due to the coronavirus. The Organization of the Petroleum Exporting Countries (OPEC) also reduced its oil demand forecast over the outbreak.

Breaking the News / VP