World oil demand is expected to fall this year for the first time since 2009, as the coronavirus pandemic deals a sharp shock to the global economy.
The International Energy Agency said in a report Monday that in a worst case scenario — if the coronavirus continues to spread globally and China's need for oil remains subdued — global oil demand could fall by as much as 730,000 barrels a day in 2020. The Paris-based agency, which monitors energy markets for the world's most advanced economies, says its base case is for a slump in demand of around 90,000 barrels a day, assuming that the situation in China improves in the second quarter.
The Organization for Economic Cooperation and Development expects the coronavirus outbreak to slash world economic growth this year to its weakest level since 2009, when fallout from the global financial crisis threw the economy into recession.Read MoreThe coronavirus pandemic has now infected more than 108,000 people globally and killed more than 3,800.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cramer: Collapse of oil prices and bond yields is worse than 'the chaos of 2007-2009''The algorithms operated all night as if trillions of dollars were trading......Uncharted waters,' Cramer tweeted early Monday.
Read more »
Oil prices plunge, hit by erupting Saudi-Russia oil price warOil prices plummet after Saudi Arabia slashes its official selling prices and sets plans for a dramatic increase in crude production next month. More here:
Read more »
Virus closes sites around the world; stocks, oil prices sinkWhile many of Beijing's white collar workers returned to work as new cases of infection subsided in China, some 16 million people under a widespread lockdown in northern Italy struggled to figure out the new rules of their daily existence.
Read more »
Stocks, oil prices plunge as virus closes sites around worldWhat you need to know, from AP Morning Wire: • Italy quarantines 16M to combat virus as global stocks drop • Exclusive: Juul donated tens of thousands to state attorneys general • Pot entrepreneurs flock to Bible Belt for low taxes SUBSCRIBE:
Read more »
Coronavirus shock, oil crash sinks world stocksWorld stocks plunged and crude oil prices tumbled as much as 33% after Saudi Arabia launched a price war with Russia
Read more »
Virus closes sites around the world; stocks, oil prices sinkAnxiety over the new coronavirus virus outbreak is sending stock and oil prices plunging even as many of Beijing's white-collar workers are returning to their offices
Read more »