OPEC Downgraded Forecast for a Fall in Oil Demand in 2020
OREANDA-NEWS. OPEC downgraded its forecast of a drop in global oil demand in 2020 by 0.4 million barrels per day. Now the organization expects a decrease in demand for the current year by 9.5 million barrels per day, up to 90.2 million barrels per day.
According to the September report of OPEC, demand expectations have been worsened by bad economic data from Asian countries, especially India. OPEC admits that the recovery in demand may last till the first half of 2021. In addition, fuel consumption in the transport sector of developed countries is slowly resuming. The risk of new outbreaks of coronavirus infection has not yet been removed.According to forecasts, in 2021, global oil demand will grow by 6.6 million barrels per day, which is about 0.4 million barrels per day lower than the previous estimate. On average, the indicator will be 96.9 million barrels per day