Covid-19 causing first drop in oil use in decade, says IEA | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 16%
  • Publisher: 86%

PARIS, Feb 13 — 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 today. “Global oil demand has been hit hard by the novel coronavirus (Covid-19) and the widespread...

Malaysia Headlines News

Malaysia Latest News, Malaysia Headlines

Quarantines have reduced travel and caused a drop in demand in oil in China and the world. — AFP pic

“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. Although markets have rebounded in recent days as investors grew confident that China could quickly contain the virus and its economic impact would be short lived, the IEA warned against complacency by comparing today’s crisis to the 2003 SARS outbreak.

The IEA doesn’t forecast changes in oil prices, but said consumers were unlikely to get much of a boost from cheaper petrol and diesel at the end of the day.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BNM believes Covid-19 impact on economy not severe if situation is contained | Malay MailKUALA LUMPUR, Feb 12 ― Even though the country’s economic growth for the first quarter of 2020 will be affected by the Covid-19 outbreak, it will not be severe as long as the situation is contained and private investment remained firm, Bank Negara Malaysia (BNM) said. It really depends on how...
Source: malaymail - 🏆 1. / 86 Read more »

Court fines govt retiree RM5,000 for spreading fake news on Covid-19 | Malay MailSANDAKAN,  Feb 12 ― A former employee of the Sabah State Railway Department was fined RM5,000, in default 10 months’ jail, by the Magistrate’s Court here today for spreading fake news on Covid-19. Magistrate Suhailla Selag meted out the fine on Aliuudin Amit, 67, who is now a retiree,...
Source: malaymail - 🏆 1. / 86 Read more »

Mat Sabu confident DSA 2020 will not be affected by Covid-19 | Malay MailSINGAPORE, Feb 12 ― Defence Minister Mohamad Sabu is confident the biennial Defence Services Asia Exhibition and Conference (DSA 2020) on April 20-23 will not fall victim to the Covid-19 (Novel Coronavirus) outbreak. He said, although the world was facing the threat of the Covid-19 outbreak,...
Source: malaymail - 🏆 1. / 86 Read more »

Durex jokingly endorses using condoms to protect against Covid-19 in elevators | Malay MailPETALING JAYA, Feb 12 — Durex Singapore has jokingly advised clean freaks to use their products as “finger gloves” in lifts to protect against the novel coronavirus, now renamed Covid-19. A series of how-to pictures on the brand’s Facebook page shows an individual opening a condom package,...
Source: malaymail - 🏆 1. / 86 Read more »

Malaysia goes another day without new Covid-19 cases | Malay MailKUALA LUMPUR, Feb 12 ― The Health Ministry said there were no new Covid-19 infections today, leaving the country’s total at 18. Health Minister Datuk Seri Dzulkefly Ahmad said during his daily media briefing today that 550 people have been tested for the coronavirus so far. “About 550 tests...
Source: malaymail - 🏆 1. / 86 Read more »

Citing Covid-19, Johor urges organisers to cancel 150th Chingay parade this weekend | Malay MailJOHOR BARU, Feb 12 ― The Johor government called on the Johor Baru Chingay Parade 2020 organisers to cancel the annual event scheduled for this Saturday to curb the infectious coronavirus from spreading further. The Johor Mentri Besar’s Office (MBO) said that the state government does not... The advice is from the Johor Mentri Besar’s Office (MBO) to be precise.
Source: malaymail - 🏆 1. / 86 Read more »