"Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy," the International Energy Agency said in its latest monthly report.
PTI
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Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday.
"Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy," the International Energy Agency said in its latest monthly report.
"Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years" when it dropped during the global economic crisis, it added.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
First Published on Feb 13, 2020 03:25 pm
