Oil demand is expected to grow at its slowest annual rate since 2011 this year as the coronavirus outbreak hits Chinese consumption, dragging on the global economy, the International Energy Agency has said.
A quarterly contraction in demand for the fuel, which would be the first since the 2008-09 global financial crisis, is expected to lead to weaker annual growth — down by 30 per cent from previous estimates.
In its monthly oil market report, the Paris-based body estimated oil demand in 2020 would increase by 825,000 barrels a day, down from the 1.2m b/d it had initially expected.
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