OPEC says oil market undergoing ‘historic shock’
Paris: The OPEC oil cartel said Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand.
“The oilNSE 1.72 % market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations in its latest monthly report.
The cartel now forecasts a “historical drop” of around 6.8 million barrels per day (mbd) in average daily demand for 2020.
It sees worse contraction of about 20 mbd in April.
