Follow the latest updates of the outbreak on our timeline.

Oil prices have dropped after the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) predicted a decline in demand in their annual fuel outlook reports for 2020.

IEA expects oil demand to fall in the first quarter of 2020 before rebounding in the second quarter. It cut its full-year global growth forecast to 825,000 barrels per day (bpd).

OPEC has also lowered its 2020 demand forecast, cutting crude by 200,000bpd.

Experts anticipate that the OPEC+ group will agree to further cuts during their next meeting, which may take place this month.

According to Reuters, Brent crude futures were down by $0.65 to $55.14 per barrel. US West Texas Intermediate (WTI) futures rose $0.39 to $50.78 a barrel.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

BNP Paribas analyst Harry Tchilinguirian told the Reuters Global Oil Forum: “(It’s) worth noting that these forecasters are for now assuming a V-shape recovery in oil demand, with the bulk of the impairment concentrated in Q1 2020.”

Travel bans and quarantines to and from China due to the coronavirus outbreak have also harmed fuel demand.

Chinese oil refiner China National Chemical Corp said that it will close a 100,000bpd plant. It will also cut processing at two other facilities due to falling fuel demand.

According to the Energy Information Administration (EIA), the US crude stockpile increased by 7.5 million barrels. It now sits at 442.5 million barrels.

Meanwhile, the World Health Organisation (WHO) has officially named the new strain of coronavirus ‘Covid-19’.

The death toll from the virus has reached 1,369, including the one reported in the Philippines. Cases of infection have increased to 60,300 globally as of the end of 12 February, an increase of 254 new deaths from the day before.