Platts expects drop in oil demand; OPEC may advance March meeting

New Delhi: S&P Global Platts on Monday estimated a potential drop in oil demand between 2.6 million barrels per day (bpd) and 900,000 bpd in February, ranging across worst-case and best-case scenarios, as the novel corona virus spread continued unabated and multiple governments cautioned people against travelling to affected regions.

“Platts Analytics worst-case scenario shows a drop of 2.6 million b/d in oil demand in February, and a 2 million b/d decline in March…best-case scenario shows a drop of 900,0000 b/d in oil demand for February, and a 650,000 b/d decline in March,” the firm said in a statement.

Concerned over the situation, the Organization of the Petroleum Exporting Countries (OPEC) may advance its 5-6 March meeting.