The Organisation of the Petroleum Exporting Countries (OPEC), cut its forecast of global oil demand for 2020, predicting a 9.8 million barrels per day (b/d) year-on-year contraction.
In its latest oil market forecast, OPEC’s analysis arm revised down its projections of global demand by 280,000 b/d for 2020 and by 580,000 b/d for 2021.
“These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to COVID-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021,” OPEC said in the report.
Photo Credit : https://en.wikipedia.org/wiki/OPEC#/media/File:Flag_of_OPEC.svg
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