The International Energy Agency Thursday slashed its oil demand forecast for 2020 by almost 500,000 b/d and said demand will contract for the first time in a decade during the first quarter because of the impact of the coronavirus outbreak on China’s economy. The coronavirus outbreak will reduce Chinese refining throughputs by 1.1 million b/d during Q1, the IEA forecasts, causing global demand to shrink by 435,000 b/d, the first quarterly contraction since the global financial crisis in late 2009. As a result of the severe impact on demand from transportation and industry due to the virus outbreak, the IEA cut its 2020 oil demand growth forecast by 365,000 b/d to 825,000 b/d, the lowest since 2011. The virus is expected to reduce world oil demand by 1.1 million b/d in Q1 and by 345,000 […]