The coronavirus outbreak will cut growth in global oil demand by a quarter this year compared to earlier forecasts, Norway's biggest independent energy consultancy Rystad Energy predicted on Feb. 11.
Oslo-based Rystad now predicts global oil demand will grow by 820,000 barrels per day (bbl/d) in 2020, down from a December forecast of 1.1 million bbl/d.
Crude prices have fallen sharply since news of the virus outbreak first emerged in mid-January.
The outbreak will primarily affect demand in the early part of the year, with the first quarter now expected to see growth of just 100,000 bbl/d, before consumption recovers later in the year, Rystad argued in a research note.
"Our current assessment implies that the impact of coronavirus will persist throughout all of February and March and will then gradually subside towards June," it added.
In a worst-case scenario, however, if travel restrictions last longer, the overall impact for the year could be to lower 2020 demand growth to 650,000 bbl/d, the consultancy said.
Oil industry suppliers such as Oslo-listed TGS and PGS have been hard hit by weak crude prices during the coronavirus pandemic as energy companies rein in exploration.
Weatherford International Plc has strengthened its collaboration with upstream data visualization provider INT on Aug. 12 to provide next-level, real-time well visualization in both 2D and 3D. Weatherford will embed INT’s IVAAP framework into the Weatherford Centro digital well delivery software, advancing its data visualization capabilities.
A review of best practices and steps for E&P projects to produce sustainable AI implementations.