Because of the coronavirus outbreak, oil demand is set to fall year on year in the first quarter for the first time since the depths of the financial crisis in 2009, the International Energy Agency (IEA) has said.
Brent crude, the global benchmark, is down roughly 15% since the beginning of the year as the virus has spread.
Four liquefied natural gas (LNG) tankers bound for North Asia have changed destination or diverted after the outbreak hit gas demand in China, Reuters reports.
Several analysts cut gas demand forecasts for China, expecting the outbreak to depress industrial, commercial and transportation appetite in the world’s top gas importer.
The early stages of the outbreak crisis led to a 70% fall in international air traffic in China while domestic air travel fell 50%, the International Energy Agency (IEA) said.
The Organization of the Petroleum Exporting Countries and its allies were in discussions to bring forward a policy meeting to this month from March, and to consider deepening oil supply curbs by an additional 500,000 barrels per day to 2.2m.
