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OPEC Scrambles to React to Falling Oil Demand From China

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OPEC is likely to make some cuts, Ms. Sen said, but that may not be enough to bolster skittish markets.

“People are fearing the worst,” she said.

Chinese oil demand already appears to have crashed as the lockdown of Wuhan and other cities and overall fear curb air travel, driving, trucking and factory use. Gary Ross, chief executive of Black Gold Investors, a New York trading and investment firm, estimates that Chinese oil demand over the last two weeks has been down around 2.5 million barrels a day, or close to 20 percent compared with the previous year.

Mr. Ross said that cutbacks in…

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