OPEC forecasts weaker oil demand in 2020-21

OPEC has revised down its forecasts for global crude oil demand this year and next due to the economic disruption caused by the coronavirus pandemic, its monthly report said Wednesday.

In its latest estimates, OPEC expects global demand for crude oil to decline by 9.8 million barrels per day (bpd) in 2020, compared with its previous forecast for a drop of 9.5 million.

Overall demand was tipped to come in slightly above 90 million bpd, the report said.

Fuel for transportation and industry was likely to remain affected in the fourth quarter of the year, it explained.
For 2021, OPEC expects quite a sharp rebound of 6.2 million bpd but this represents a cut of 300,000 bpd on its previous estimate, putting global demand at 96.3 million bpd.