OPEC lowers demand for its oil production in 2020
Organization of Petroleum Exporting Countries (OPEC) has reduced the demand forecast for its oil production cut deal.
This cut is expected to have significant impacts to the organization’s market share.
The first forecasts for world oil demand and OPEC crude supply for 2020 is projected at 29.3 million bpd, 1.3 million bpd lower than the 2019 level, the group said in its monthly oil market report.
The intergovernmental organization of 14 nations expects non-OPEC oil supply to grow by 2.4 million barrels per day (bpd) in 2020, averaging 66.87 million bpd.
The US and her American contingents of Brazil, Canada and European heavyweight, Norway have been forecast to be the main growth drivers, OPEC rightly noted in its July Monthly Oil Market Report.
In the previous month, OPEC crude oil production decreased by 68,000 bpd to average 29.83 million bpd, according to secondary sources quoted in its monthly report.
Amid several uncertainty in the energy industry across the world, OPEC further said that global oil demand growth is forecast at 1.14 million bpd for both 2019 and 2020.
Business and Lifestyle Editor at Wheel NG