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Experts and analysts revealed that the outbreak of the new “Corona” virus in China may reduce the demand for oil by more than 250 thousand barrels per day in the first quarter of this year.
The experts added in statements to “Reuters”, that these concerns caused the drop in oil prices, which are already surrounded by a surplus of supplies.
They pointed out that the demand for jet fuel in China will receive most of the damage, which is equivalent to the capacity of a large oil refinery, as China is the largest oil importer in the world and it is one of the fastest growing aviation markets in the world, due to strict travel restrictions that limit domestic flights. Meanwhile, international airlines are avoiding the country, according to Reuters.
“While preventive measures focus mainly on aviation and public transportation for passengers, aviation fuel will be most affected … In the first quarter of 2020, China’s demand for oil may shrink by more than 250,” the agency quoted Yujiao Li of Wood Mackenzie as saying. Thousand barrels per day. ” And the Energy Consulting Company reduced its forecast for oil demand by 500 thousand barrels per day for the same period.
“The current spread of the Coruna virus will likely be an exceptional event, as its impact on oil demand is mainly focused on aircraft fuel demand, especially in China, and to a lesser extent in East and Southeast Asia,” she added.
It is noteworthy that the new “Corona” virus infected more than 9800 people around the world, exceeding the total cases of the SARS epidemic in 2002 and 2003 and killing 213 people, all in China.
Chinese cities have imposed severe travel restrictions, while global airlines have suspended or reduced direct flights to major cities in China.