- India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, according to the IEA.
- India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017.
- China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter. Source CNBC
- The coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%, according to St. Louis Fed projections.
- There are nearly 67 million Americans working in jobs that are at a high risk of layoffs, according to the analysis.
- St. Louis Fed President James Bullard said last week that the initial estimates are grim but the plunge should be short-lived. Source CNBC
The world’s largest economy is likely to contract at an annualized rate of 34 percent in the second quarter as the unemployment rate soars to 15 percent, according to economists at the Wall Street investment bank led by Jan Hatzius. The team had previously expected the economy to shrink by 24 percent and unemployment to hit 9 percent during the quarter. Source Fox
Iraq plans to raise output by about 200,000 barrels a day, reaching 4.8 million barrels a day in average production, according to a person with knowledge of the matter. The country would join Saudi Arabia, Russia and others in adding more barrels to a sated market amid a price war — even as the coronavirus saps global demand. Source Bloomberg
