OPEC sees global oil demand to drop 9.07 million bpd in 2020 vs. its previous forecast of 6.85 million bpd decline

Market news

13 May 2020

OPEC sees global oil demand to drop 9.07 million bpd in 2020 vs. its previous forecast of 6.85 million bpd decline

Non-OPEC supply forecast to fall 3.50 million bpd vs. its previous forecast of 1.5 million bpd drop
All producers outside of OPEC has so far announced curbs of 3.6 million bpd
Says worst demand contraction in major centers is expected in Q2 of 2020
Supply curbs are already started showing positive response, with rebalancing expected to pick up faster in coming quarters
OPEC oil output rose by 1.80 million bpd in April to 30.41 million bpd
Saudi Arabia boosted oil output in April by 2.274 million bpd to a record of 12.007 million bpd

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