In a closely-watched monthly report published Monday, the group of oil-producing nations downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020. That’s down 400,000 bpd from the previous month’s estimate and reflects a contraction of 9.5 million bpd year-on-year. However, oil demand was revised down by 500,000 bpd in the non-OECD region due to weaker oil demand performance in Asia, particularly in India. Looking ahead, OPEC said the negative impact on oil demand in Asia was expected to persist through the first six months of 2021. As such, OPEC now expects global oil demand to grow by 6.6 million bpd to an average of 96.9 million bpd next year.

Source: The Standard September 14, 2020 12:33 UTC