Global Oil Demand ‘Hit Hard’ by Coronavirus, IEA Says In Forecast

Global Oil Demand ‘Hit Hard’ by Coronavirus, IEA Says In Forecast
A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. Reuters/Richard Carson
Tom Ozimek
Tom Ozimek
Reporter
|Updated:

Global oil demand is expected to suffer its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), with OPEC also revising downward its crude demand projections, and both organizations blaming the coronavirus for the sector’s woes.

The spread of the deadly virus, known officially as COVID-19, has both disrupted the economy of China, the world’s biggest importer of crude, and shaken energy markets.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter
Related Topics