The coronavirus outbreak has led the world’s biggest oil traders to slash their projections for global demand growth to the weakest levels since the financial crisis, with many expecting consumption to stay steady or even shrink in 2020.
Vitol, Trafigura and Gunvor, which together shift almost 15m barrels of oil each day through their vast trading operations, all now see demand either flatlining or growing only marginally this year.
Consumption could even contract, they warn, if the virus is not contained rapidly and continues to weigh on economic activity.
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