Demand for oil will probably be unfavorable in 2020, including additional downward strain to plummeting costs, in keeping with BP CFO Brian Gilvary.

Across the time of its earnings report in early February, the vitality big anticipated that demand would weaken by round 300,000 to 500,000 barrels a day.

However on Monday, Gilvary instructed CNBC's "Squawk Field Europe": "When you ask me that query in the present day, it's extra like flat demand year-on-year, perhaps even unfavorable demand - we'll most likely probably see unfavorable demand this 12 months."

This is able to imply that demand for oil truly contracts this 12 months a really uncommon incidence slightly than simply rising at a slower charge than beforehand anticipated.

The mix of an unfolding value struggle between oil manufacturing giants Russia and Saudi Arabia and concern over a possible demand shock from the world coronavirus pandemic...