OPEC Raised its Forecast for Oil Demand Growth in 2020
OPEC raised its forecast for oil demand growth in 2020 by 140 thousand barrels to 1.22 million barrels per day, the organization said in a report.
The revision of the forecast is mainly related to the improvement of the forecast for the global economy in the current year. Also, the opinion of analysts was affected by a decrease in the degree of confrontation between the US and China in the trade war. Thus, according to the authors of the report, in 2020 the demand for oil in the world will average 100.98 million barrels per day.
Earlier, the analytical department of the US Department of Energy (EIA) made a forecast on the volume of world oil supply, which in 2020 will amount to 102.37 million barrels per day, and in 2021 – 103.34 million barrels per day. At the same time, the report of the American department said that the agreement to reduce production could be extended until the end of 2021 to maintain a balance in the oil market.
