China virus causes first drop in oil use in a decade: IEA

China virus causes first drop in oil use in a decade: IEA

Global demand 'hit hard' as contagion forces widespread shutdown of Chinese economy, says report. PARIS: Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said.. "Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy," the International Energy Agency said in its latest monthly report.. "Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years" when it dropped during the global economic crisis, it added.. The outbreak of the new coronavirus spurred China to take drastic measures such as placing in quarantine over a dozen cities and extending the Lunar New Year holidays in order to try to stem its spread, nearly shutting down key parts of its economy.. With China being a big consumer of oil and the source of most of the growth in oil demand in recent years, the crisis will have a major impact on oil producers.. SAGIA reveals plans for Saudi Arabia to host FDI summit /node/1627421/business-economy. Saudi Arabia