OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. In its closely watched Monthly Oil Market Report published on Wednesday, OPEC slashed its oil demand growth estimate by 230,000 bpd from last month’s assessment and now sees global oil demand growth at just below 1 million bpd this year—at 990,000 bpd. The coronavirus outbreak which is crippling oil demand amid travel restrictions and industrial activity slowdown is the major factor behind the slashed demand growth forecast, OPEC said. “The recent outbreak of the coronavirus in China necessitated a further downward revision to the country’s oil demand growth forecast compared to last month, as transportation fuels, notably aviation fuels, are expected to be impacted in 1H20,” the report reads. OPEC revised down its oil demand estimate for China by […]