OPEC expects lower demand for its oil as US hits new milestone
London: OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record.
The United States, which has seen its output soar in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report.
US liquids output will reach 20.21 million bpd in the fourth quarter of 2020 – almost meeting U.S. demand of 21.34 million bpd, OPEC said.
