Analyst Pin-board: OPEC and its allies deal cut
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OPEC and its allies (OPEC+) continue to face the challenge of plummeting oil prices because of the Coronavirus impact on global oil demand. China, the country at the initial stage of the virus outbreak, was the hardest hit as production in many industries was delayed or halted until mid-February. As a result, the demand for crude oil from China decreased by 20%, equivalent to 3 million barrels/day. It should be noted that China is the second biggest oil consumer in the world, accounting for 14% of total demand. ANZ forecasts that world crude oil demand may decrease by 1.6 million barrels/day in the first half of the year. Despite the recovery in the second half , total world oil demand is forecasted to decline by 0.3 million barrels/day in 2020. |
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