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2/11, 6:16 PM (Source: TeleTrader)
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EIA cuts global oil demand growth forecast for 2020

The United States Energy Information Administration (EIA) announced on Tuesday it reduced its forecast for global oil demand growth this year, seeing at 1.00 million barrels per day (mb/d), which is 310,000 b/d lower than its previous projection. In the first quarter, the demand will average 100.3 mb/d, it noted.

The forecast assumes OPEC's reduction in oil production by 0.5 million b/d from March through May and sees the global output shrinking 300,000 b/d to 28.9 million b/d this year.

Crude production in the US is expected to rise by 13.65 mb/d next year, a downward revision of 360,000 b/d, the EIA added.

Breaking the News / NI