Coronavirus crisis has ‘severe impact’ on global energy and oil markets
Global oil demand is expected to decline in 2020 as a result of the impact of coronavirus,
That’s according to the International Energy Agency’s (IEA) latest oil market forecast, which estimates annual demand at 99.9 million barrels a day in 2020, down around 90,000 barrels a day from 2019.
This is a decline from the IEA’s forecast in February, which predicted global oil demand would grow by 825,000 barrels a day in 2020.
The IEA has developed two other scenarios for how global oil demand could evolve this year. In a more pessimistic low case, global measures fail to contain the virus and global demand falls by 730,000 barrels a day in 2020. In a more optimistic high case, the virus is contained quickly around the world and global demand grows by 480,000 barrels a day.