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2/12, 1:05 PM (Source: TeleTrader)
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OPEC cuts oil demand forecast over coronavirus

The Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that it revised its crude demand outlook for this year downward due to the outbreak of the coronavirus in China.

In its latest monthly report, OPEC said that it now expects global oil demand to grow by 0.99 million barrels per day (mb/d) and average 100.73 mb/d for 2020. The figure marks a downward revision by 0.23 mb/d from the cartel's previous forecast. Meanwhile, the demand for OPEC crude in 2020 was revised down by 0.2 mb/d to 29.3 mb/d.

"The impact of the coronavirus outbreak on China's economy has added to the uncertainties surrounding global economic growth in 2020, and by extension oil demand growth in 2020. Clearly, the ongoing developments in China require continuous monitoring and assessment to gauge the implications on the oil market in 2020," OPEC stated.

Breaking the News / NP