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The Coronavirus Impact On Oil Demand

Coronavirus

Market Movers

- Rystad Energy this week predicted that because of the coronavirus, global oil demand would grow by only 820,000 bpd this year, down from its earlier forecast of 1.1 million bpd. With respect to oil prices, while the coronavirus has shaved demand and brought down prices, this week has seen a rebound, but if conditions get worse speculators expect output cuts to offset demand issues.

- Overall global oil and gas deal volume shed nearly 18% in 2019, while overall global deal value was down nearly 11% for the year, thanks to stagnating commodity prices and poor returns (EY). Based on information from GlobalData, December 2019 saw $37.6 billion in oil and gas deals globally, over 200% more than in November 2019, but only ~7% more than the previous 12-month average. The number of deals, however, was down nearly 4% compared to the previous 12-month average.

- Qatar is working to either re-route or reschedule LNG shipments to China due to the coronavirus outbreak. This emerges after the previous week’s announcement by CNOOC, the largest Chinese importer, that it had declared force majeure on LNG deliveries with three suppliers due to the virus outbreak. On Thursday, four LNG tankers that were headed for North Asia were diverted over reduced Chinese demand.

- Total (TOTF.PA) is contemplating stopping fuel oil sales - a carbon-intensive petroleum product -for use in power generation, as the French energy giant jumps on the environmental bandwagon,…





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