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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » World Oil demand to fall and OPEC to cut supply until June 2020

World Oil demand to fall and OPEC to cut supply until June 2020

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Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
More than 200 people have died from the coronavirus, with the number of confirmed cases passing those infected by SARS in 2002-03.
The virus originated in China but, being the world's second-biggest economy, the effect has been felt worldwide - not just for travellers but for markets, businesses and economies

When people stop travelling as flights, tours and holidays are cancelled, the demand for oil is hit and the price per barrel goes down.
Earlier this week, Andy Critchlow, head of news in EMEA for S&P Global Platts, told Sky's Ian King Live that, while oil did n't suffer too badly during the SARS outbreak, China and its 1.4 billion people had become a bigger consumer since then.
He said: "If China's economy wobbles as a result of this virus then over 2020 all the forecasts about Chinese oil demand growth will have to be revised".
The Organisation of Petroleum Exporting Countries (OPEC) usually keeps prices high by limiting supply. Before the virus they had agreed to cut supply until March but on Tuesday said they want to extend these to at least June as the virus's effect on oil demand becomes clearer.
That decision helped Brent crude recover slightly from a lower $57.86 (£44.47) on Monday.

Teller

Teller
Moderator
Moderator
World Oil demand to fall and OPEC to cut supply until June 2020 Screen12World Oil demand to fall and OPEC to cut supply until June 2020 Screen12World Oil demand to fall and OPEC to cut supply until June 2020 Screen12World Oil demand to fall and OPEC to cut supply until June 2020 Screen12


_________________




Teller said is said..

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics
@Quibit wrote:More than 200 people have died from the coronavirus, with the number of confirmed cases passing those infected by SARS in 2002-03.
The virus originated in China but, being the world's second-biggest economy, the effect has been felt worldwide - not just for travellers but for markets, businesses and economies

When people stop travelling as flights, tours and holidays are cancelled, the demand for oil is hit and the price per barrel goes down.
Earlier this week, Andy Critchlow, head of news in EMEA for S&P Global Platts, told Sky's Ian King Live that, while oil did n't suffer too badly during the SARS outbreak, China and its 1.4 billion people had become a bigger consumer since then.
He said: "If China's economy wobbles as a result of this virus then over 2020 all the forecasts about Chinese oil demand growth will have to be revised".
The Organisation of Petroleum Exporting Countries (OPEC) usually keeps prices high by limiting supply. Before the virus they had agreed to cut supply until March but on Tuesday said they want to extend these to at least June as the virus's effect on oil demand becomes clearer.
That decision helped Brent crude recover slightly from a lower $57.86 (£44.47) on Monday.

good information.... we need to now think different before invest...

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