BP said the deadly coronavirus outbreak could cut global oil demand growth by 40 per cent this year, putting pressure on Opec producers and Russia to curb supplies to keep prices in check.
Brian Gilvary, the UK oil major’s chief financial officer, said 300,000-500,000 barrels a day were at risk this year — a big chunk of 1.2m b/d growth initially expected by the company and global energy agencies.
Mr Gilvary added that BP was closely watching “whether Opec balances or not” by enacting production cuts with allies including Russia to bring Brent crude prices “back to the $65 a barrel range”.
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