IEA says global oil demand could drop 20% as 3 billion people in lockdown

Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County, Texas, US November 25, 2019. REUTERS/Angus Mordant

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SULAIMANI — Global oil demand could drop as much as 20 million barrels per day or 20% of total demand as 3 billion people are currently in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency said Thursday (March 26).

Fatih Birol told a conference call that the IEA, which coordinates energy policies of industrialized nations, would give a clearer outlook and timeframe in two weeks time.

(NRT Digital Media/Reuters)