IEA says virus-hit oil growth outlook lowest in a decade, could go lower

The International Energy Agency’s (IEA) outlook on global oil demand growth has fallen to its lowest level in a decade, IEA Executive Director Fatih Birol said on Tuesday, adding it could be reduced further due to the impact of the coronavirus outbreak. “We certainly see the lowest oil demand growth in the last 10 years and we may need to revise it …downwards,” Birol told Reuters at an energy conference in London.

Demand is expected to contract by 435,000 barrels per day (bpd) in the first quarter, the first quarterly decrease since the financial crisis, the IEA projected this month in the wake of the outbreak. For 2020 as a whole, the IEA has lowered its global demand growth forecast by 365,000 bpd to 825,000 bpd.