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. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Copper Futures: Extra losses looks likely FX Street 2 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
