Mar 6, 2020 - Energy & Environment

How China is driving the plunging demand for oil amid coronavirus slowdown

Data: IEA; Chart: Axios Visuals
Data: IEA; Chart: Axios Visuals

A big reason the novel coronavirus-fueled economic slowdown is hammering oil demand is because China — the center of the outbreak — has grown into such a powerhouse petroleum consumer.

What they're saying: The International Energy Agency's executive director Fatih Birol said China's slowdown is a key reason why the organization is slated to announce a major downward revision in this year's global oil demand estimates next week. Last year China accounted for 80% of total global oil demand growth, he said.

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