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OPEC sees steeper oil demand drop as virus remains challenging

Published 14/09/2020, 12:42
© Reuters.

LONDON, Sept 14 (Reuters) - World oil demand will fall more
steeply in 2020 than previously forecast due to the coronavirus
and recover more slowly than expected next year, OPEC said on
Monday, potentially making it harder for the group and its
allies to support the market.
World oil demand will tumble by 9.46 million barrels per day
(bpd) this year, the Organization of the Petroleum Exporting
Countries said in a monthly report, more than the 9.06 million
bpd decline expected a month ago.
Oil prices have collapsed as the coronavirus crisis has
curtailed travel and economic activity. While some countries
have eased lockdowns, allowing demand to recover, a rising
number of new cases and higher oil output have weighed on
prices.
OPEC also cut its demand forecast for 2021 and sees
consumption rising by 6.62 million bpd, 370,00 bpd less than
expected last month.

(Editing by Jason Neely)

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