OPEC cuts 2020 oil-demand growth forecast by 100,000 barrels a day

The Organization of the Petroleum Exporting Countries on Thursday said it now expects global oil demand growth to fall by 9.1 million barrels a day, extending the fall by 100,000 a day from its July forecast due mainly to lower economic activity levels in developing economies. Demand in 2021 is expected to rise by 7 million barrels a day, OPEC said in its August report, unchanged from its July forecast. On the supply side, OPEC revised up its forecast for 2020 non-OPEC liquids production growth by 235,000 barrels a day due to a better-than-expected recovery in the second half, leaving output on track for a 3.03 million barrel a day decline year over year.


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