Energy Sector - Lower growth and coronavirus weigh on oil prices - Thought Piece
  • 2020-02-05T00:00:00
  • Sector Reports
We cut our oil price base case for 2020F and maintain our forecasts for 2021-2023F. We reduce our average Brent crude oil price assumption by 7.7% from USD65/bbl to USD60/bbl for 2020F and maintain USD65/bbl for 2021-2023F period. The International Monetary Fund (IMF) cut its 2020 global growth forecast from 3.5% to 3.3% in its January report. Furthermore, the consensus is that the coronavirus outbreak could have a negative short-term impact on global GDP and therefore weigh on global oil consum