Named the main reason for the decline.
In 2020, for the first time in the last ten years, global demand for oil will decline for the first quarter, to 435 thousand barrels per day. The main reason for this is the outbreak of coronavirus, reports the Chronicle.info with reference to Country.
This was announced by the International energy Agency (IEA) in its February report.
World oil demand is strongly affected by a new coronavirus (Covid-19) and the ubiquitous pull of China’s economy. It is expected that the demand will be reduced by 435 thousand barrels per day in the first quarter of 2020. This is the first quarterly reduction in the last 10 years.
“We have lowered our growth forecast for 2020 by 365 thousand barrels per day to 825 thousand barrels per day — that is, to the lowest level in 2011”, — is told in the message.
Mining Chinese oil during the first quarter of 2020 decreased by 1.1 million barrels a day, and it is expected to decrease by 0.5 million barrels per day year on year. World oil supply in January fell by 0.8 million barrels per day — up to 100.5 million