OPEC says global oil demand to contract By 9.8 Million Barrel Per Day in 2020

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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