Coronavirus: To What Extent Could It Impact Oil Markets?

Coronavirus: To What Extent Could It Impact Oil Markets?

Oil markets had not recovered from the after-effects for nearly a year but the market impact was moderate and the GDP growth level for China fell just one percent in 2003.. The coronavirus factor has become a major risk for energy markets which were already quite erratic.. Describing the odds, Ryan Sweet from Moody's Analytics has said that, "The question isn't whether coronavirus will depress global oil demand, rather, the question is by how much.". In support, the UAE Minister of Energy Suhail Al-Mazroui said that, "It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China.". A Saudi businessman, Mohamed Fadl Al-Rahman expressed fears that as the infection spreads, trade exchanges between Riyadh and Beijing would get affected and the movement and supply of goods would stop as many employees in Chinese cities were grounded. But the silver lining is that the extent of economic spillover is still nominal and has only impacted a few sectors, plus the fallout is still concentrated within China mostly.. Iraq Supports Any Opec Agreement To Stabilize Oil Market, Watches Coronavirus Impact On Demand.