Rose coloured glasses out of supply in the Kimberley:The spread...

Rose coloured glasses out of supply in the Kimberley:

The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios.The impact on demand growth has been staggering, if not unprecedented, with February’s crude demand dropping by a shocking 4.6 million barrels per day (bpd), led by a 2.9 million bpd month-on-month drop in Chinese crude runs.Rystad Energy’s pre-coronavirus global oil growth estimate was 1.1 million bpd for 2020, which we later slashed by 25% last month. Our data now point to a much more pessimistic outcome, with growth likely to fall to merely 500,000 bpd, and this is assuming that the Covid-19 epidemic will largely be contained by the end of June, which in turn implies a further downside risk.OPEC ministers are meeting in Vienna 5-6 March 2020 to decide if the oil-producing block will bite the bullet and step in by cutting production in order to balance the supply-demand gap and shield oil prices. Rystad Energy sees that as an unlikely outcome.

.......................Oil has lost 30% recently.Rigzone: last 24 hours.Brent Crude Oil : $45.27 / BBL - 9.44 % Light Crude Oil : $41.28 / BBL - 10.06 % Natural Gas : $1.71 / MMBtu - 3.38 %

.......................Coronavirus fears could delay timetable for giant Browse gas project, says WA Premier

.................….Another fail in the Kimberley :Gold Valley Iron put into voluntary administration, leaving Kimberley contractors out of pocket

......Buru shares @ 11 cents.

......SFX shares @ 13 cents.

Seems this has no end to it, all bad news.