Oil demand set for first contraction since 2009 due to COVID-19

Time:2020-03-10 09:54:08      Source:ChinaDaily.com
The International Energy Agency (IEA) cut its forecast for global oil demand in 2020 by 1.1 million barrels per day due to the COVID-19 outbreak, according to an IEA report on Monday.
 
"For the first time since 2009, demand is expected to fall year-on-year, by 90 kb/d (thousands of barrels per day)," it said.
 
"We assume that oil demand returns to close to normal in 2H20 (second half of 2020)," it added.
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