Goldman Sachs says Chinese oil demand may have fallen by 4 mbpd
OPEC has some work to do
Analysts at Goldman Sachs estimate that current peak lost Chinese demand for oil could be 4 million barrels per day. Consider that OPEC is thinking about a 600K bpd cut and it all looks awfully futile.
With that, Goldman has cut its 2020 global demand growth estimate to 600K bpd from 1.1 mbpd. They also lowered their Q1 brent forecast by $10 to $53/barrel (spot at $57.18).
They're late to the party here but better late than never.