The Organization of the Petroleum Exporting Countries (OPEC) has further downgraded its 2020 global oil demand growth forecast to 0.06 million barrels per day, and has also reduced the estimate for 2019 to 0.83 million barrels per day, as the global outbreak of the coronavirus disease continues
MOSCOW (Pakistan Point News / Sputnik - 11th March, 2020) The Organization of the Petroleum Exporting Countries (OPEC) has further downgraded its 2020 global oil demand growth forecast to 0.06 million barrels per day, and has also reduced the estimate for 2019 to 0.83 million barrels per day, as the global outbreak of the coronavirus disease continues.
"World oil demand growth in 2019 is revised down by 0.08 mb/d to 0.83 mb/d from the previous month's assessment ... World oil demand growth in 2020 is also adjusted lower by 0.92 mb/d to 0.06 mb/d, reflecting slower global economic growth associated with a wider spread of Covid-19 beyond China. The impact of the Covid-19 outbreak in China and its adverse impacts on transportation and industrial fuels were the main causes of this downward revision," OPEC said on Wednesday in its monthly report.
The cartel went on to highlight that "total global oil demand is now assumed at 99.73 mb/d in 2020," and noted that further downward revisions were likely.
