The OPEC oil cartel on Wednesday lowered its forecast for growth in global oil demand this year by nearly a fifth over the outbreak of the new coronavirus in China.
In its monthly report on the world's oil market, OPEC said it now expects growth in global oil demand of 0.99 million barrels per day (mbd) this year, which is down from 1.22 mbd in its forecast last month.
"The outbreak of the Coronavirus in China during the first half of 2020 is the major factor behind this downward revision," OPEC said.