FAST FIVE: "Wishful Thinking" – OPEC Drastically Underestimates China Virus
The impact on the rest of the world of the disease's dislocation of the Chinese economy is yet to be fully felt.
As may be expected for a body representing oil producers, OPEC sees the impact as minimal, having just cut its first-quarter forecast for global oil demand by only 400,000 barrels a day.
Even with reduced refinery runs, China is producing more fuel than it needs. Exports of gasoline and diesel have soared, according to shipping intelligence firm Vortexa.
The virus will effect both of those figures in 2020.
South Korea's government says economic impact from the virus is “unavoidable.” The impact won't stop at South Korea.