The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said on Monday.
In its latest report, which did not take into account an oil price war that has broken out after Saudi Arabia and Russia failed to agree to continue production cuts, the International Energy Agency chopped its forecast for oil demand by 1.1 million barrels per day (mbd) in its base case scenario.
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