Oil demand set for first contraction since 2009 due to COVID-19

PARIS - The International Energy Agency (IEA) cut its forecast for global oil demand in 2020 by 1.1 million barrels per day due to the COVID-19 outbreak, according to an IEA report on Monday.

"For the first time since 2009, demand is expected to fall year-on-year, by 90 kb/d (thousands of barrels per day)," it said.

"We assume that oil demand returns to close to normal in 2H20 (second half of 2020)," it added.