Global oil demand set to see first quarterly decline in over 10 years, IEA says

Global oil demand set to see first quarterly decline in over 10 years, IEA says

Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China's economy hits demand for crude.. Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, down from the same period a year ago, and marking the first quarterly contraction in more than 10 years, the IEA said in its monthly oil market report Thursday.. The expected decline in demand prompted the agency to cut its 2020 growth forecast by 365,000 b/d to 825,000 barrels a day, the lowest since 2011.. The negative impact on oil demand hit oil prices hard as the virus took hold in January with a barrel of Brent crude falling by around $10 to fetch below $55 a barrel.. The consequences of the new coronavirus, known now as "Covid-19," will be "significant" for global oil demand, oil prices and producers, the IEA said Thursday..