EIA Cuts 2020 Oil Demand Forecast By 378,000 Bpd

After on Friday OPEC slashed its oil demand outlook for this year by 230,000 bpd, the Energy Information Administration followed, revising its global oil demand forecast by as much as 378,000 bpd on the back of the Chinese coronavirus outbreak. The authority said it expected the outbreak to reduce China’s oil demand by some 190,000 bpd this year due to travel restrictions prompted by the outbreak. OPEC last Friday said it expected global oil demand to rise by 990,000 bpd this year, most of which will come from non-OECD countries. OECD demand,…