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WTI: Weaker below $51 after IEA cuts 2020 oil demand growth forecast on coronavirus risks

In its monthly oil market report, the International Energy Agency cuts the 2020 oil demand growth forecast by 365,000 bpd to 825,000 bpd on coronavirus outbreak, the lowest since 2011.

Additional Points:

Q1 global oil demand to fall by 435,000 bpd year on year, first quarterly contraction in more than a decade

Q2 global oil demand set to grow 1.2 mln bpd assuming economic activity returns progressively to normal.

Q3 global oil demand to normalise, growing by 1.5 mln bpd year on year on likely stimulus measures in China.

Lower-than-expected oil consumption in the OECD trimmed 2019 oil demand growth to 885,000 bpd.

January global oil production fell 815,000 bpd to 100.5 mln bpd month on month due to Libyan outages, reduced UAE output.

January non-OPEC output rose by 2.1 mln bpd year on year while OPEC output contracted by similar amount.

Cut forecast for 2020 growth in global refining runs to 700,000 bpd

January OPEC crude production fell to 28.86 mln bpd from 29.44 mln bpd in December

Q1 demand for OPEC crude set to plunge to 27.2 mln bpd.

December OECD oil stocks held largely steady at 2.915 bln barrels, 26.4 mln above 5-year average.

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