Opec expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy. Having expected a month ago that fuel consumption would increase by just under 1-million barrels a day, or 1%, in 2020, the group said in a report on Wednesday it now sees an increase of just 60 000 barrels a day. It also sharply cut estimates for supplies from rivals as lower prices hobble US shale drillers.
