The coronavirus epidemic is a black swan that has severely disrupted the outlook for the global oil market, and at this moment it remains unclear how large the destruction in demand will be because of the outbreak. Various estimates project that the coronavirus will shave 250,000 bpd to 500,000 bpd off global oil consumption this year. However, viruses can take uncertain turns, spreading wider and linger longer than initially thought. Since the beginning of 2020, the deadly covid-2019 virus has ripped through the industrial heartland of the world’s second largest economy, disrupting supply chains, creating transportation bottlenecks and locking down over 150 million people. As the virus shows no signs of easing, health authorities across the world now warn of a credible risk the outbreak could evolve into a global pandemic, with grave consequences for global trade, energy demand and the world economy. Meanwhile, Organization of the Petroleum Exporting […]