{"id":51107,"date":"2020-02-12T08:38:21","date_gmt":"2020-02-12T13:38:21","guid":{"rendered":"https:\/\/olduvai.ca\/?p=51107"},"modified":"2020-02-12T08:38:28","modified_gmt":"2020-02-12T13:38:28","slug":"opec-slashes-oil-demand-forecast-on-coronavirus-crunch","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=51107","title":{"rendered":"OPEC Slashes Oil Demand Forecast On Coronavirus Crunch"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/energy\/opec-slashes-oil-demand-forecast-coronavirus-crunch\">OPEC Slashes Oil Demand Forecast On Coronavirus Crunch<\/a><\/h3>\n\n\n\n<p>Perhaps buoyed by&nbsp;<a href=\"https:\/\/www.zerohedge.com\/energy\/oil-crashes-bear-market-chinese-oil-demand-said-plummet-20-due-coronavirus-demand-shock\">speculation&nbsp;<\/a>that oil&nbsp;<strong>demand in China is set to plunge as much as 20%&nbsp;<\/strong>if not more on the coronavirus &#8220;demand shock&#8221;, on Tuesday OPEC slashed it forecast for global oil demand by almost a quarter million barrels per day as the coronavirus pandemic cripples fuel use in China, leaving the cartel facing a renewed glut despite its recent production cuts.<\/p>\n\n\n\n<p>The cartel reduced projections for demand growth in the first quarter by 440,000 barrels a day, or about a third, in its\u00a0<a href=\"https:\/\/momr.opec.org\/pdf-download\/\">monthly report<\/a>, and 230,000 for the full year, one day after oil prices sank to a one-year low on Monday as the infection has idled thousand of businesses and left millions quarantined in the world\u2019s biggest crude importer.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/opec%20demand%20cut.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>The plunge in oil prices has sparked a push by OPEC&#8217;s top exporter, Saudi Arabia, to push for an emergency meeting and consider new output cutbacks, following a recent Vienna meeting that ended without a consensus after Russia &#8211; the biggest non-OPEC producer &#8211; refused to comply with further cuts as it is able to weather lower prices more easily.<\/p>\n\n\n\n<p>Ominously for Riyadh, the latest OPEC report showed that, even though many OPEC members made a strong start with fresh output curbs that took effect last month, the overhang from the virus will leave them with an even greater surplus.&nbsp;<strong>The group collectively pumped 28.86 million barrels a day in January, down 509,000 on the month,&nbsp;<\/strong>and if it maintains that rate there will be a surplus of 570,000 barrels a day during the second quarter, when consumption slows down seasonally.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/EQkxQReXsAAQQLr.png\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC Slashes Oil Demand Forecast On Coronavirus Crunch Perhaps buoyed by&nbsp;speculation&nbsp;that oil&nbsp;demand in China is set to plunge as much as 20%&nbsp;if not more on the coronavirus &#8220;demand shock&#8221;, on Tuesday OPEC slashed it forecast for global oil demand by almost a quarter million barrels per day as the coronavirus pandemic cripples fuel use in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[130,596,600],"class_list":["post-51107","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-china","tag-oil-supply","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51107"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51107\/revisions"}],"predecessor-version":[{"id":51108,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51107\/revisions\/51108"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}