LONDON — OPEC on Wednesday trimmed its global oil demand forecasts both for the remainder of this year and 2021, citing a weaker-than-expected economic outlook and an upsurge in coronavirus cases.
In a closely-watched report, the group of oil-producing nations said it now expects world oil demand to contract by around 9.8 million barrels per day year-over-year in 2020. That reflects a downward revision of 0.3 million barrels compared to last month’s assessment.
For next year, OPEC said oil demand growth will rise by 6.2 million on an annual basis, representing a downward revision of another 0.3 million barrels from its October report. The group has steadily lowered its oil demand outlook for 2021 from an initial expectation of 7 million in July.
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