OPEC Lowers Oil Demand Forecast While Production Rises ...Middle East

OPEC has lowered its oil demand forecast for 2020 again, according to the latest version of the Monthly Oil Market Report released on Monday. OPEC now expects global oil demand to fall to 9.77 million barrels per day in 2020 to reach 89.99 million barrels per day this year, compared to over 90 million bpd projected for its November MOMR.  OPEC’s projections for 2021 oil demand is 95.89 million bpd, down 410,000 from its projection of 96.3 million bpd that the group made in its November MOMR, and 96.8 million bpd that it made in its October…

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