OPEC: Coronavirus causes decrease in global oil demand

OPEC warned that the reduction in fuel consumption in China, because of the epidemic, has an impact on the global economy.
OPEC: Coronavirus causes decrease in global oil demand

OPEC warned that the reduction in fuel consumption in China, because of the epidemic, has an impact on the global economy.

The Organization of Petroleum Producing Countries (OPEC) reported that due to the coronavirus outbreak, global oil demand in 2020 will be reduced by 19 percent compared to expected.
In a market analysis published in Vienna, Austria, the energy group argued that the estimated global consumption reaches the value of 100.73 million barrels per day, which represents 230,000 less than the prediction made last month.
According to the report, the recent emergence of the coronavirus involved a review of January statistics worldwide, with an emphasis on the Asian nation.
“Obviously, the moment of the outbreak exacerbated the impact on the demand for transportation fuel in China, as it coincided with the holidays of the Chinese Lunar New Year, when millions of Chinese return home to celebrate with family and friends, or travel to overeas”, refers OPEC.
It also ensures that the impact of the epidemic on the Chinese economy adds to the "uncertainties surrounding global economic growth in 2020" and, by extension, global fuel demand indicators.
On February 8, the OPEC Technical Committee met in Algiers to extend the pumping reduction agreement until the end of this year, also because of the coronavirus. At the meeting, the need to determine the demands of the global market in the face of reducing consumption in China was stressed.

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