IEA says global oil demand may fall by 20% over coronavirus

WASHINGTON, Mar 27 (PRIME) -- Global demand for oil may contract by 20%, or 20 million barrels a day due to the coronavirus pandemic, Fatih Birol, executive director of the International Energy Agency (IEA), said in a video briefing late on Thursday.

“Today, three billion people cannot move. As a result, there may well be a drop in demand this year of around 20 million barrels per day,” he said.

Currently, daily demand for oil stands at about 100 million barrels, of which transport fuel accounts for 60%. Restrictions on air travel and quarantine regimes in many states due to the coronavirus cut demand for transport fuel, he said.

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