Opec chops global oil demand growth forecast over China virusThe Covid-19 outbreak will slow the growth in oil demand this year, Opec saysPARIS: The Opec oil cartel on Wednesday lowered its forecast for growth in global oil demand this year by nearly a fifth due to the impact of the coronavirus outbreak in China. In its monthly report on the world's oil market, Opec said it now expects growth in global oil demand of 0.99 million barrels per day (mbd) this year, down from the 1.22 mbd forecast last month. Those disruptions are expected to hit economic output and China has been a major source of growth in demand for oil in recent years. Opec said it had also revised lower its forecast for China's economic growth this year by 0.5 percentage points to 5.4%. "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," it said.

Source: Bangkok Post February 12, 2020 13:30 UTC