OPEC Downgraded a Forecast for Global Oil Demand
OREANDA-NEWS. In 2020, the Organization of Petroleum Exporting Countries (OPEC) expects a drop in global oil demand by 9.06 million barrels per day (bpd), to 90.63 million bpd. This follows from the organization’s August report. In the July report, the forecast for this figure was 8.9 million bpd.
Until the end of 2020, global oil reserves may remain at a high level due to the continued restrictions imposed to combat the coronavirus infection. By the end of the year, oil supplies from non-OPEC countries will amount to 62.11 million bpd against 65.14 million bpd in 2019. OPEC analysts believe that the dynamics of oil prices will remain under the pressure of fears of a second wave of the pandemic and an increase in oil reserves.In 2021, according to OPEC estimates, world oil demand is expected to grow by 7 million bpd, to 97.6 million bpd.