BEIJING/SINGAPORE/NEW YORK — The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations. More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year. Major international energy forecasters expect demand to fall in this quarter, the first drop in a decade, due to the outbreak. Chinese refineries have cut output by about 1.5 million barrels per day (bpd) over just two weeks, causing crude stocks to pile up.

Source: International New York Times February 13, 2020 19:07 UTC