Opec slashes global oil demand growth triggering production cut concerns
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New Delhi, Feb. 12 -- The Organization of the Petroleum Exporting Countries (Opec) grouping on Wednesday slashed the global oil demand growth by 0.99 million barrels per day (mbpd) in 2020, with the Coronavirus outbreak in China accounting "for most of the downward revision".
The demand was lowered by 0.23 mbpd Concerned over the situation, the Opec may advance its 5-6 March meeting, with its technical panel recommending a provisional cut to the Opec plus arrangement.
This assumes importance given that any further supply cuts will have wide-ranging impact on energy markets, as Opec accounts for around 40% of global production. With Opec accounting for 80% of India's crude oil imports, any production cut by the so called Opec plus arrang...
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