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The Wuhan Coronavirus Outbreak And Its Implications To Oil Demand


  • As the extent of pandemic became apparent, Wuhan was placed on virtual lockdown on 23 January; several other cities in Hubei – totalling almost 60 million people – followed suit.
  • In China, the SARS effects on oil demand was broadly localised to one quarter – Q2 – and then also localised to one product – jet fuel.
  • Against a backdrop of already-decelerating oil and gas demand, Standard Chartered estimates that the Wuhan pandemic could reduce oil demand growth in 2020 from 1 mmb/d to 900,000 b/d – a 10% fall.



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