OPEC says coronavirus outbreak to reduce world oil demand

EPA-EFE/CHRISTIAN BRUNA
Saudi Energy Industry and Mineral Resources Minister Prince Abdulaziz bin Salman Al Saud arrives for the 177th Meeting of OPEC conference, 7th Meeting of the OPEC and non-OPEC at the OPEC headquarters in Vienna, Austria, 5 December 2019.

- Advertisement -

The Organization of Petroleum Exporting Countries (OPEC) has cut its forecast for global growth in oil demand this year due to the coronavirus outbreak.
In its Monthly Oil Market Report released on 12 February, OPEC said that in 2019, world oil demand growth is revised down by 0.02 million barrels per day (mb/d), from last month’s assessment; amid weaker- than-expected oil demand growth data from the Organization for Economic Cooperation and Development (OECD) America in most parts of the year.
Now, world oil demand is estimated to have grown by 0.91 mb/d and average 99.74 mb/d in 2019. Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment, OPEC said. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020, with OECD oil demand growing by 0.01 mb/d in 2020, while non-OECD oil demand is growing by 0.98 mb/d. “The outbreak of the Coronavirus in China during 1H20 is the major factor behind this downward revision,” OPEC said in the report.
Regarding world oil supply, the oil cartel said the non-OPEC liquids production growth for 2019 is revised up by 0.02 mb/d from the previous month’s assessment and is now estimated at 1.88 mb/d, to average 64.36 mb/d.
According to OPEC, the US is expected to remain the main growth driver in 2020, along with Norway, Brazil, Canada, Guyana and Australia.

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

The ruling of the EU Court on “Golden passports” and the consequences in Tirana

“Whatever the European Court decides," and “If it says...

Taking off: Qatar’s strategic rise in global aviation

For Qatar, an important development took place recently as...

False economy: Washington will regret closing important diplomatic posts

At this point many readers will have seen press...

The Geoeconomic Repercussions of Trump’s Tariff Pause: A Balkan Perspective

On April 2, 2025, U.S. President Donald Trump announced...

Don't miss

The ruling of the EU Court on “Golden passports” and the consequences in Tirana

“Whatever the European Court decides," and “If it says...

Taking off: Qatar’s strategic rise in global aviation

For Qatar, an important development took place recently as...

False economy: Washington will regret closing important diplomatic posts

At this point many readers will have seen press...

The Geoeconomic Repercussions of Trump’s Tariff Pause: A Balkan Perspective

On April 2, 2025, U.S. President Donald Trump announced...

Taking off: Qatar’s strategic rise in global aviation

For Qatar, an important development took place recently as the International Civil Aviation Organization (ICAO), approved the final phase of its own airspace, the...

U.S.-China tariff struggle, Iran issue affect energy demand, oil prices

International Energy Agency (IEA) Executive Director Fatih Birol said on April 23 oil prices may decline further this year due to slow demand growth...

Ahead of nuclear talks, Trump administration orders new sanctions on Iran’s shadow fleet and Chinese refiners

Washington’s sanctions campaign of “maximum pressure on Iran” is intensifying, despite the start of initial discussions between the U.S. and Iran over nuclear issues...

Romania utilizing all available resources to boost its energy independence

Romania is using all energy resources available, including natural gas as the country advances rapidly with Neptun Deep gas project and new wind and...

G7 condemns China’s large-scale military drills around Taiwan

In a statement issued on April 6, 2025, the foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States...

U.S. sanctions officials for undermining Hong Kong’s autonomy

The United States has imposed new sanctions on six Hong Kong and Chinese officials to punish China for the ongoing crackdown on democracy advocates...

Apollo Funds to partner with BP on TANAP gas pipeline from Azerbaijan to Turkey

British energy company BP said on March 21 it has reached agreements for Apollo-managed funds to purchase a 25 percent non-controlling stake in BP...

Caspian-Black Sea Green Energy Corridor countries push project forward

The Ministers of Azerbaijan, Georgia, Hungary and Romania met in Budapest on March 10, where they signed a joint letter to EU Energy Commissioner...