Coronavírus pode empurrar mercado global de petróleo para um surto

Coronavirus Could Push Global Oil Market into Outbreak

Written by Valdemar Medeiros

Published on 03/02/2020 at 16:19

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The Drop Is Likely The Largest Demand Shock Suffered By The Oil Market Since The Global Financial Crisis Of 2008-2009

Chinese oil demand has fallen by about three million barrels per day. Or 20% of total consumption, due to the impact of the coronavirus on the economy, according to people with information about the country’s energy sector.

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The drop is likely the largest demand shock suffered by the oil market since the global financial crisis of 2008-2009 and the most sudden since the September 11 attacks. The downturn could necessitate an intervention from OPEC and allies, who are considering an emergency meeting to reduce production and stop the drop in prices, which are headed for the lowest closing in four months.

“It’s really a black swan event for the oil market,” said John Kilduff, a partner at Again Capital in New York. “There was some hope for demand prospects this year before the outbreak. But that has been reversed. OPEC+ has to react. If there are no further cuts in production, the price decline will continue.”

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Coronavirus And The Largest Oil Importer

Moreover, China is the largest oil importer in the world, having surpassed the United States in 2016, so any change in consumption has a huge impact on the global energy market. The country consumes about 14 million barrels per day – equivalent to the combined needs of France, Germany, Italy, Spain, the United Kingdom, Japan, and South Korea.

Abnormal Coronavirus Levels

Chinese and Western oil executives, speaking on condition of anonymity, said that the decline in coronavirus was measured against normal levels for this time of year. It is a measure of the current drop in demand, and not the average loss since the start of the crisis, which would be smaller.

Similarly, Beijing has quarantined millions of people, and the New Year holiday has been extended. Flights have been canceled, and authorities around the world are trying to contain the spread of the virus coronavirus. Traditionally, during the New Year holiday, the demand for gasoline and aviation fuel increases as hundreds of millions of people return home. Meanwhile, oil consumption is falling due to reduced industrial activity.

Coronavirus Could Push Global Oil Market into Outbreak

The Drop Is Likely The Largest Demand Shock Suffered By The Oil Market Since The Global Financial Crisis Of 2008-2009

Read Also:

Coronavirus And The Largest Oil Importer

Abnormal Coronavirus Levels

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Coronavirus Could Push Global Oil Market into Outbreak

The Drop Is Likely The Largest Demand Shock Suffered By The Oil Market Since The Global Financial Crisis Of 2008-2009

Read Also:

Coronavirus And The Largest Oil Importer

Abnormal Coronavirus Levels

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

Without wheels, iron, or machines, teams of up to 32 men would have dragged 2.3-ton blocks over wet sand up a ramp embedded in the pyramid itself, raising the structure in 20 to 27 years, according to a new computer model that reignites a millennia-old debate.

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African country launched a $145 million project to rehabilitate 35 dams and drill deep wells seeking water stored for millennia beneath the desert, a plan that Captain Ibrahim Traoré’s government presents as a path to the country’s water sovereignty.

A 400-meter colossus powered by natural gas has just set sail from Shanghai to Europe, carrying over 24,000 containers. It is the world’s largest dual-fuel container ship and can cross the planet without refueling even once.