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 Thursday.
"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 virus, which originated in China, has prompted travel bans in several countries. The acute respiratory disease has killed over 1,300 and infected nearly 60,000.