{"id":109902,"date":"2020-03-09T15:19:10","date_gmt":"2020-03-09T12:19:10","guid":{"rendered":"https:\/\/www.enerjigazetesi.ist\/?p=109902"},"modified":"2020-03-09T15:20:20","modified_gmt":"2020-03-09T12:20:20","slug":"ieanin-virus-nedeniyle-petrol-talep-tahminlerini-gozden-gecirme-plani","status":"publish","type":"post","link":"https:\/\/www.enerjigazetesi.ist\/en\/ieanin-virus-nedeniyle-petrol-talep-tahminlerini-gozden-gecirme-plani\/","title":{"rendered":"IEA Plans to Revise Down Oil Demand Forecasts Due to Virus"},"content":{"rendered":"

<\/p>\n

The\u00a0International Energy Agency\u00a0plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. \u201cI am going to announce it Monday morning in Paris,\u201d IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. \u201cThe impacts are already severe mainly because the transport sector is heavily affected.\u201d<\/h1>\n

Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual \"\"growth in oil consumption to the\u00a0lowest<\/strong>\u00a0since 2011<\/strong>, but still called for 800,000 barrels a day of growth. Other analysts are now estimating that demand will contract, with Goldman Sachs Group Inc. predicting that consumption could shrink<\/strong>\u00a0this year for only the fourth time in almost 40 years<\/strong>.<\/p>\n

Birol\u2019s appearance before the Senate Energy and Natural Resources Committee came on the same day that an OPEC meeting in Vienna\u00a0paved<\/strong>\u00a0the way for a production cut of 1.5 million barrels<\/strong> a day, which still needs to overcome Russian opposition. The hit to demand has already seen prices slump around 23% so far this year.<\/p>\n

The IEA<\/strong> will set out two scenarios when it updates forecasts<\/strong> next week, one of which is a base case that will reflect the current impact. \u201cWe will have also a worse case<\/strong> because we may well see that this situation may go global beyond China<\/strong> and this may well affect energy markets<\/strong>, especially oil markets, substantially,\u201d Birol said.<\/p>\n

In written\u00a0testimony<\/strong>\u00a0to the committee, Birol said it\u2019s already clear that the outbreak is \u201cnegatively affecting<\/strong> global economic activity<\/strong> and that the IEA is \u201cmonitoring the situation extremely closely.\u201d<\/p>\n

Birol said recent supply losses — from Libya, Venezuela, <\/strong>and Iran<\/strong> – would have delivered \u201cpainful shocks\u201d to the world economy were it not for the U.S. shale<\/strong> revolution. Under one scenario laid down by the IEA, higher U.S. output reduces the market share of OPEC members and Russia to 47%<\/strong> of total oil production in 2030<\/strong> from 55%<\/strong> in the mid-2000s<\/strong>.<\/p>\n

However, Birol cautioned that the shale sector<\/strong> wouldn\u2019t be spared in the event of a prolonged plunge<\/strong> in prices due to the virus.<\/p>","protected":false},"excerpt":{"rendered":"

The\u00a0International Energy Agency\u00a0plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. \u201cI am going to announce it Monday morning in Paris,\u201d IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. \u201cThe impacts are already severe mainly because the transport sector is heavily affected.\u201d Last month, the Paris-based […]<\/p>\n","protected":false},"author":1,"featured_media":109905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53,44],"tags":[52407,67564,42491,52379,52259,818,68097,34550,1023,15877,65693,68408,67259,68409,53153,1314,68407,68410,49820,1022,6107],"views":133,"_links":{"self":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109902"}],"collection":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/comments?post=109902"}],"version-history":[{"count":2,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109902\/revisions"}],"predecessor-version":[{"id":109906,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109902\/revisions\/109906"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media\/109905"}],"wp:attachment":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media?parent=109902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/categories?post=109902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/tags?post=109902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}