According to London, August 4, 2020, the International Monetary Fund (IMF) recently said in a new update report that the new coronavirus epidemic crisis will cause global oil demand to drop by about 8% this year.
| Melamine |
In its external report entitled global imbalances and the covid-19 crisis, the IMF said oil prices will be 41% lower this year than last year. The IMF said that the direct impact of low oil prices on the oil trade balance of economies would be different, reflecting the economies’ dependence on oil imports and exports.
The IMF’s forecast for the decline in global oil demand this year is in line with the forecasts of other forecasting agencies such as the International Energy Agency (IEA) and the organization of Petroleum Exporting Countries (OPEC).
The IEA said in its latest oil market report in July that global oil demand is expected to decline by 7.9 million barrels per day this year, but the forecast is slightly higher than the 8.1 million barrels per day drop in June.
However, novel coronavirus pneumonia cases and a partial resumption of some countries’ continued blockade of global demand for oil are continuing to intensify this year, IEA said.
| Sodium Molybdate |
The IEA said the average global oil consumption this year is expected to be 92.1 million barrels per day, compared with its previous forecast of 100 million barrels per day.
OPEC predicts that global oil demand will decrease by 8.9 million B / d this year and increase by 7 million B / D next year, but still lower than last year’s demand.
In its updated report, IMF pointed out that the sharp drop in oil prices and production reduction after the outbreak of the new coronavirus will seriously hit oil exporting countries in the Middle East and North Africa (MENA). Compared with last year, these oil exporting countries are expected to significantly reduce their combined oil revenue by $270 billion this year.
| http://www.lubonchem.com/ |