Coronavirus will hit oil hard

The Business Times | Feb 15, 2020 at 12:00 AM
  • Following the pattern set for all previous quarters of 2019, estimates of oil demand and year-on-year growth in the final quarter are now being cut as hard data become available.
  • The IEA reduced its estimate of 2019 global oil demand by 110,000 barrels a day in this month’s report from where it pegged it in January.
  • Opec’s more positive view on oil demand leaves it as the only one of the big three international agencies expecting global stockpiles to be whittled down this year, assuming Opec output remains unchanged from its January level of 28.86 million barrels a day reported by the group’s secondary sources.