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A Chinese worker checks the valve of a gas pipe at a natural gas plant in Suining, in southwest China’s Sichuan province.
STR | AFP | Getty Images
Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude.
Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, down from the same period a year ago, and marking the first quarterly contraction in more than 10 years, the IEA said in its monthly oil market report Thursday.
The expected decline in demand prompted the agency to cut its 2020…
Source cnbc.com
