OPEC Lowers Oil Demand Forecast for 2020

OPEC lowered its forecast for globe oil demand in 2020 but even now sees a document-breaking rebound following year assuming the coronavirus will mostly be beneath regulate.

In its latest regular monthly oil report, OPEC said demand will tumble by nine.06 million barrels per day (bpd) this year, up 110,000 bpd from the 8.ninety five million bpd drop expected a month in the past.

“The downward revision is predominantly to reflect weaker-than-expected knowledge in 2Q20 in a few non-OECD nations, in addition to thinking of the new adjustment to worldwide GDP in 2020 from -3.seven% in July to -4.% in August,” the report mentioned.

But OPEC stayed with its projection that demand will surge in 2021 by all around seven. million bpd to arrive at 97.6 million bpd. “The forecast assumes that COVID-19 will mostly be contained globally with no important disruptions to the worldwide economic climate,” it said.


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