Weakening oil demand in 2020 has sent prices fallingThe Oil Market Report points to the “widespread shutdown of China’s economy” as the key driver behind these revised estimates, as quarantine measures and general economic slowdown resulting from the coronavirus outbreak inhibit demand from the world’s biggest importer.It states: “The impact of coronavirus on oil prices has been sharp — Brent crude values fell by about $10 per barrel, or 20%, to below $55 per barrel.“Before the virus came along, the market was already nervous in anticipation of a supply overhang of one million bpd in the first half of 2020, due to continued expansion in the US, Brazil, Canada, and Norway.“Even threats to security of supply, like tension in Iraq, a one million barrel per day fall in Libyan oil production, and force majeure declared for some Nigerian cargoes, had little impact on prices.“Now that the demand outlook has weakened, prices have moved significantly down.” The evolution of the world health crisis has sent prices plummeting in 2020 as oil demand in China — the world’s biggest importer — drops away The IEA has revised down its oil demand growth forecasts for 2020 Forecasts for global oil demand growth in 2020 have been revised downwards to their lowest level in nine years, as markets endure the “significant” consequences of the coronavirus’ impact.Annual demand growth is expected to fall by 365,000 barrels per day (bpd) to 825,000 bpd, according to the figures published today by the International Energy Agency (IEA).In the first three months of 2020, the intergovernmental organisation says demand will be 435,000 bpd lower compared to the previous year — signalling the first quarterly contraction for more than a decade. Opec+ considering further production cuts to bolster marketsAlready facing the prospect of slowing demand before coronavirus emerged at the start of the year, the world’s biggest oil producers had already taken curtailment measures to steady the ship of global markets and firm up commodity prices.A December meeting of Opec members and their allies — an intergovernmental body known as Opec+ nominally led by Saudi Arabia and Russia — resulted in an agreement to make oil production cuts of 2.1 million bpd.Earlier this month, an advisory committee to these prolific producers held crunch talks in Vienna to discuss potential further measures in response to the world health crisis — with the outcome being to recommend an extension of existing cuts as well as deepening them by a further of 600,000 bpd.The IEA said: “From the point of view of the producers, before the coronavirus crisis the market was expected to move towards balance in the second half of 2020, due to a combination of the production cuts implemented at the start of the year, stronger demand and a tailing off of non-Opec supply growth.“Lower oil prices, if sustained, are also bad news for highly responsive US oil companies, but we are unlikely to see an impact on output growth until later in the year.“The effect of the health crisis on the wider economy means that it will be difficult for consumers to feel the benefit of lower oil prices.”
(Updated 7-12-14, 10:55 a.m.) by Tracy McCue, Sumner Newscow â€” Chelsea Easterly, the young woman who fell off her horse in the Kansas Wheat Festival parade Friday evening on Washington Street, south of Harvey by the Wynne Wellness business, appears to be fine.In a statement released on Facebook by Shawn Easterly, her father, Chelsea was released from Sumner Regional Medical Center Friday evening. She has a huge goose egg on the back of her head and her shoulder, hip and ankle are sore, but the cat scan came back negative.â€œFor some reason, Chelseaâ€™s horse got spooked and started crow-hopping,â€ Shawn Easterly said. â€œShe and her 4-year-old passenger both came off hard onto the blacktop.â€œChelsea had enough instict to pull the little one up against her and shielded him from the impact. In doing so, she didnâ€™t really have any hands to stop her fall so she took most of it on her head, shoulder and hip.â€œChelseaâ€™s sore tonight and will probably be sore over the next couple of days, but sheâ€™s OK. Thank God.â€œTo all the Wellington Police Department, Sumner County Sheriffâ€™s Office, Wellington/Sumenr County EMS, and all of the bystanders who helped, I send out my heartfelt thanks.â€ Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (26) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. 0 Vote up Vote down Guest · 317 weeks ago Hoping since they just took to SRMC that means bumped and bruised. Hope she is ok. Great parade. Report Reply 1 reply · active 317 weeks ago 0 Vote up Vote down up a creek · 317 weeks ago The horse was spooked before the parade ever started. As was a few other horses. Report Reply 0 replies · active 317 weeks ago 0 Vote up Vote down notlla · 317 weeks ago The new Parade route was a joke ,Who ever came up with that idea, needs there head examined. Report Reply 0 replies · active 317 weeks ago +4 Vote up Vote down CueballSumnernewscow 94p · 317 weeks ago It was interesting about the parade route and how it played in the accident from my perspective. I was sitting at the end of the parade route in front of Lonnie Cooper’s office on Jefferson and Harvey. I never once heard the commotion of the girl falling off the horse and the ambulance. Someone said something to me later downtown but didn’t realize until I got home what really happened. Obviously my media brethren was located closer to the horse fall because they were all over it. The point I’m making is had the route gone straight I would have probably seen the activity. Not sure if that is good or bad. Just an observation. As far as the new route. I liked it. I got to see a parade from a new perspective. Report Reply 0 replies · active 317 weeks ago 0 Vote up Vote down Retired teacher! · 317 weeks ago The parade route was perfect, however the people moving out onto the parade route was ridiculous! We were in front of Wynne and across the street, the kids/parents were past the parking places toward the middle of the street. The police did nothing to make them move back. The kids and parents kept running out in the street to get candy. Perhaps it would improve if there was a restriction against throwing candy. Report Reply 2 replies · active 317 weeks ago +4 Vote up Vote down country cowgirl · 317 weeks ago she didn’t fall off… she was bucked off. BIG DIFFERENCE. thank god she and the child are ok. Horse Girls Unite!! Report Reply 0 replies · active 317 weeks ago +5 Vote up Vote down Steve · 317 weeks ago Chelsea did a helluva job protecting the little boy,very glad both are okay Report Reply 0 replies · active 317 weeks ago +4 Vote up Vote down sunshine · 317 weeks ago So glad she is ok . Maybe there should be road blocks put up to keep kids from running in the streets,that was a mess. Or no candy !!!!! Is a piece of candy worth getting ran over. Or have the candy at the very last of the parade. Report Reply 0 replies · active 317 weeks ago +4 Vote up Vote down Guest · 317 weeks ago I felt the new parade route forced people to squeeze into the main street blocks as opposed to being stretched out. I know it is not that much of a difference but it definitely seemed more crowded this year. I agree the children and adults going into the middle of the street was terrible. My kids were told to stay behind the white parking lines. They were of the few who did. The entire parade had a completely different feel this year, even before the accident. That being said, I am so glad everyone involved is going to recover. It was very scary for my children and I. Report Reply 0 replies · active 317 weeks ago +1 Vote up Vote down Voodoo Child · 317 weeks ago Question: If a parade participant like the girl on the horse, and she is injured by lets say a child runs out to pickup candy from the street and scares the horse, rider falls off horse is hurt who is liable in a civil lawsuit? The city or who? Just curious. Oh yes, I enjoyed the parade and the change was not a problem to me. Thank You. Report Reply 0 replies · active 317 weeks ago 12Next » Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. 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