OPEC cuts 2020 oil demand forecast
(VOVWORLD) - OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 because of an economic slowdown. OPEC said efforts will be necessary to prevent a new glut of crude.
In its monthly report, the OPEC said oil demand worldwide will be 1 million barrels per day, 60,000 barrels per day less than previously estimated.
The weaker outlook could persuade OPEC and its allies to reduce output.
OPEC’s report lowered its forecast for world economic growth in 2020 from 3.2% to 3.1% and said next year’s increase in oil demand will be outweighed by strong growth in supply from rival producers such as the US.