OPEC cuts 2020 oil demand forecast again on rising Covid cases, sees slower recovery next year
A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico, U.S., on Thursday, Sept. 10, 2020. Callaghan
Callaghan O’Hare | Bloomberg | Getty Images
LONDON — OPEC on Wednesday trimmed its global oil demand forecasts for the remainder of this year and 2021, citing a weaker-than-expected economic outlook and a surge in coronavirus cases.
In a closely watched report, the group of oil-producing nations said it now expects world oil demand to contract by around 9.8 million barrels per day year over year in 2020. That reflects a downward revision of 0.3 million barrels from last month’s assessment.
For next year, OPEC said oil demand growth will rise by 6.2 million on an annual basis, representing a downward revision of another 0.3 million barrels from its October report. The group has steadily lowered its …continued .
[Source: CNBC News]