Opec expects oil demand to fall in 2020, may maintain supply curbs
OPEC said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month.
In its last monthly report before the Dec. 5-6 talks, the Organization of the Petroleum Exporting Countries said demand for its crude would average 29.58 million barrels per day (bpd) next year, 1.12 million bpd less than in 2019.
The drop in demand could encourage OPEC and its allies to keep supply curbs in place when they gather in Vienna, although the report kept its 2020 economic and oil demand growth forecasts steady and was more upbeat about the outlook.
