February 13, 2020 / 9:03 AM / 16 days ago

Oil demand set for first quarterly drop in a decade on virus -IEA

LONDON, Feb 13 (Reuters) - Oil demand is set to fall year on year in the first quarter for the first time since the depths of the financial crisis in 2009 hurt by the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will be significant. Demand is now expected to contract by 435,000 barrels per day (bpd) in Q1, the first quarterly decrease in more than a decade,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

“For 2020 as a whole, we have reduced our global growth forecast by 365,000 bpd to 825,000 bpd, the lowest since 2011,” the IEA said, adding that it assumed economic activity from the second quarter would return progressively to normal.

Reporting by Noah Browning; editing by Jason Neely

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