Monthly OPEC Report: Reducing Growth Forecast by 200,000

The OPEC monthly report showed that the global economic growth forecast was kept at -4.1%, while the global economic growth forecast was reduced to 4.6% in 2021.

The report expected a decline in global demand for oil by 9.5 million barrels per day in 2020, while the report reduced demand growth for OPEC crude by 300 thousand barrels per day in 2020 and 200 thousand barrels per day in 2021.

The organization revised its forecast of global demand for crude growth by reducing it to 80,000 barrels per day in 2021.

OPEC Monthly Report:

Maintaining global economic growth forecasts of 4.1% in 2020

Reducing global economic growth expectations to 4.6% in 2021

The expectations of a decline in global oil demand of 9.5 million bpd in 2020 were maintained

Amending the expectations of growth in global demand for crude to decrease and decrease by 80 thousand bpd in 2021

Raising expectations of non-OPEC supply growth by 310,000 bpd in 2020

Reducing expectations of demand growth for OPEC crude by 300,000 bpd in 2020

Reducing expectations of demand growth for OPEC crude by 200,000 bpd in 2021