The Coronavirus Impact On Oil Demand

Market Movers – Rystad Energy this week predicted that because of the coronavirus, global oil demand would grow by only 820,000 bpd this year, down from its earlier forecast of 1.1 million bpd. With respect to oil prices, while the coronavirus has shaved demand and brought down prices, this week has seen a rebound, but if conditions get worse speculators expect output cuts to offset demand issues. – Overall global oil and gas deal volume shed nearly 18% in 2019, while overall global deal value was down nearly 11% for the year, thanks to stagnating…