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Global oil demand could nearly halve if coronavirus threat escalates

The outbreak comes at a time when geopolitical risks to oil supply are likely to remain elevated in 2020, as both the US and Iran continue their maximum pressure campaigns

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3 min read Last Updated : Jan 31 2020 | 12:55 AM IST

Global crude oil demand could drop as much as 42 per cent to 0.77 million barrels per day (million b/d) from the current estimated 1.33 million b/d in February 2020 on a year-on-year basis if the Wuhan virus, or the crononavirus as it is also known, spreads more, says a note from S&P Global Platts.

"In the worst case, global demand growth will remain negative until May. In best case, it would bounce back to positive in March. Yet, notice worst-case is – for now – assumed recession-free. In worst-case, demand reduction would be comparable to a major slowdown. In

Topics : Coronavirus Gross Domestic Product (GDP) Oil demand Markets Global Markets Globlal crude oil prices OPEC

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