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Energy Agency: oil demand will drop quarterly for the first time in 10 years due to the virus

Palestine Economy Portal.

The International Energy Agency said on Thursday that oil demand will decline on a yearly basis during the first quarter of this year, for the first time since the height of the financial crisis in 2009, negatively affected by the outbreak of the virus in China.

"The consequences of Coffed-19 for global oil demand will be significant," the Paris-based agency said in a monthly report. Demand has become expected to shrink 435 thousand barrels per day in the first quarter, in the first quarterly decline in more than a decade. "Covid 19" is the new scientific name for the virus.

For the year 2020, IEA reduced its' forecast for global growth by a third to 825,000 bpd, the lowest since 2011, the Energy Agency also assumes economic activity is gradually returning to normal from the second quarter.

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