Chinese energy executives are projecting that the country’s oil consumption will plunge by 25 per cent this month as the deadly coronavirus outbreak paralyses travel and shuts down industrial activity in the world’s second-biggest economy.
Executives at some of the country’s largest refineries expect that nationwide demand will fall by a staggering 3.2m barrels a day in February from last year — a drop equivalent to more than 3 per cent of global consumption.
Oil prices have already crashed on expectations of plunging demand as the Chinese authorities quarantined cities, restricted air and road travel, and extended factory closures following the lunar new year holiday.
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