Coronavirus Has Oil Demand Forecasters ‘Shooting Blind’ As Futures Trade 20% Below 2020 Peak

Coronavirus Has Oil Demand Forecasters ‘Shooting Blind’ As Futures Trade 20% Below 2020 Peak

So the thought that the current year could be even worse than the year before is a pretty jittery one for oil demand forecasters.. With the coronavirus spread, 2020 may be the year of considerably lower demand growth, negligible demand growth or even a possible decline.. Energy Information Administration (EIA), demand growth for the year could be around 1.03 million bpd, a downward revision of 370,000 bpd.. And not to be outdone, the International Energy Agency (IEA) reckons it could be around 825,000 bpd, a downward revision of 365,000 bpd.. Polling 10 analysts and consultants unscientifically, spread over practically the entire first day at IPWeek points to downward revisions on average of 500,000 bpd, on a median average demand growth forecast of 1.2 million bpd that they had prior to the coronavirus outbreak..