6.03 - The International Energy Agency (IEA) plans to revise oil demand forecasts.
- by George Solotarov
With coronavirus spreading, which negatively affects more risky assets, the International Energy Agency (IEA) plans to adjust downward demand forecasts for oil next week.
As concerns about the coronavirus already have a significant impact on the consumer basket, recent news is putting additional pressure on WTI, which is currently down 1.19% to $45.50. Recall that earlier there was speculation in the markets that the recommendation of OPEC (Organization of the Petroleum Exporting Countries) to reduce production by 1.5 million barrels per day will be valid throughout 2020, not until the end of the second quarter (Q2).