Global oil supply fell by 580,000 barrels per day (kb/d) to stand at 99.96 million barrels per day (mb/d) in February as production from Libya slowed to a trickle, according to the International Energy Agency’s (IEA) report on Monday. 

COVID-19 (coronavirus) has spread beyond China and has weakened global oil demand. As a result, the oil demand forecast detailed in the IEA’s 2020 base case has been cut by 1.1 million barrels per day (mb/d), the IEA’s monthly oil report shows.

“For the first time since 2009, demand is expected to fall year-on-year, by 90 kb/d,” the report said

Read more: Global oil supply fell this Feb: Intl. Energy Agency