World oil demand could fall by 20% – IEA

US, WASHINGTON (ORDO NEWS) — Global oil demand could fall by 20% as 3 billion people are isolated because of the coronavirus, the head of the International Energy Agency (IEA) said on Thursday, calling on Saudi Arabia to help stabilize oil markets.

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“Today, 3 billion people in the world are locked. As a result, we can well see at some point this year a decline in demand, as some say, by about 20 million barrels per day, ”said IEA head Fatih Birol during a conference call from the Atlantic Council.

In 2019, global oil demand was 100 million barrels per day.

Birol said that despite the huge deterioration in demand, oil supply is expected to grow by an additional 3 million barrels per day as part of the struggle for Saudi Arabia’s market share with Russia.

“As chairman of the G20 this year, one would expect Saudi Arabia to provide constructive support to stabilize global oil markets, given their past experience,” Birol said.

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