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In its monthly oil market report, the International Energy Agency cuts the 2020 oil demand growth forecast by almost 1 million bpd due to the coronavirus outbreak, marking the first contraction since 2009

Additional Points

Forecasts oil demand at 99.9 mln bpd in 2020, down by 90,000 bpd compared to 2019.

First quarter oil demand set to drop by 2.49 mln bpd from a year earlier.

Q2 oil demand set to drop by 40,000 bpd before rising by 1.35 mln bpd in Q3 and 800,000 bpd in Q4.

In extreme event where governments fail to contain coronavirus, demand could drop by 730,000 bpd in 2020.

Expects sharp rebound in oil demand in 2021 of 2.1 mln bpd.

After 2021, oil demand growth decelerates to 800,00 bpd by 2025 as demand for fuel for transport slows.

Between 2019 and 2025, oil demand set to rise by 5.7 mln bpd.

Call on OPEC crude expected to rise by 2 mln bpd to 30.6 mln bpd in 2025.

World oil production capacity is set to increase by 5.9 mln bpd by 2025, driven by non-OPEC growth.