OPEC sees 2020 world oil demand declining by 9.06 mbpd, bigger drop than 8.95 mbpd previously forecast

Market news

12 August 2020

OPEC sees 2020 world oil demand declining by 9.06 mbpd, bigger drop than 8.95 mbpd previously forecast

Expects oil prices in H2 to continue to be impacted by concerns over the second wave of coronavirus infections and higher global inventories
Says H2 outlook points to need for continued efforts to support market rebalancing through OPEC+ production adjustments
Expects 2021 oil demand to grow by 7 mbpd but notes that large uncertainties prevail and may result in negative impact going forward
Cuts forecast for global demand for OPEC's crude by 400,000 bpd in 2020 and by 500,000 bpd in 2021, partly due to higher non-OPEC supply
Says OPEC's July output grew by 980,000 bpd to 23.17 mbpd, while compliance slipped to 97%

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