OPEC Monthly Report: Global Growth Forecast to 4% in 2020

OPEC said that global oil demand will decline further in 2020 due to the Coronavirus pandemic, and added that the recovery next year will face great uncertainty, indicating growing adverse factors for the organization and its allies in supporting the market.

The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that global oil demand will decline by 9.06 million barrels per day this year, which is more than the drop of 8.95 million barrels per day it expected a month ago.

“Developments in crude and product prices in the second half of 2020 will continue to be affected by concerns about a second wave of injuries and a rise in global stocks.” OPEC said in the report

OPEC maintained its expectations that the global demand for oil in 2021 will increase by seven million barrels per day, but said that this opinion is subject to great effects that may have a “negative impact on oil consumption.”