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WorldPosted at: Jul 14 2020 5:53PM


Global oil demand in 2020 to decline by 8.9Mbd, 0.1Mbd lower than expected - OPEC

Moscow, July 14 (Sputnik) - Global oil demand is expected to contract by 8.9 million barrels a day in 2020, which is lower by 0.1 mbd from the previous month’s assessment, while in 2021 the demand is expected to recover and show growth of 7 mbd, OPEC said on Tuesday.
"Global oil demand growth in 2020 is revised up by 0.1 mb/d from the previous month’s assessment, to show a decline of around 8.9 mb/d. Better-than-expected data in the OECD region in 2Q20 slightly eased the historically steep drop, and more than offset the downward adjustment, in non-OECD oil demand, mainly in Other Asia," the report read.
OPEC underlined that in 2021 the oil demand "is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d."
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Tags: #Global oil demand in 2020 to decline by 8.9Mbd# 0.1Mbd lower than expected - OPEC
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