Saudi Basic Industries Corp (SABIC) expects a slowdown in demand in 2020, CEO Yousef al-Benyan said, after the world’s fourth-biggest petrochemicals maker reported a fourth-quarter loss.

SABIC’s first quarterly loss in more than a decade was sparked by lower average selling prices and a writedown at an affiliate,  according to a Reuter's report.

SABIC fell to a net loss of 720 million riyals ($192 million) from a profit of 3.22 billion a year earlier.

A slowdown in economic growth, particularly in China and Europe, had weighed on the petrochemicals industry.

At the same time, there is additional capacity coming to the market, specifically from the U.S. and China, has put pressure on oil prices.

The combination of weaker demand and increased capacity has put pressure on margins.

Mr. Benyan said it was too early to know whether the coronavirus would impact petrochemicals.  However, he told Reuters that "I assume that as soon as this is over, demand will go back."