In the latest monthly report published today, OPEC sharply lower 2020 global oil demand growth to 0.99m barrels per day, down -0.23m bpd from the estimate released a month ago.
The report warned, “the impact of the Coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020.”
And, “clearly, the ongoing developments in China require continuous monitoring and assessment to gauge the implications on the oil market in 2020.”
