6/17, 2:40 PM (Source: TeleTrader)
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OPEC: Global oil demand forecast unchanged in June report

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to fall by 9.1 million barrels per day this year, unchanged from its last forecast, according to the cartel's closely-watched monthly report released on Wednesday.

OPEC revised its non-OPEC oil supply growth forecast for 2020 by 0.3 mb/d from the previous month’s assessment, now expecting a decline of 3.2 mb/d year-over-year. Oil supply this year is expected to show growth only in Norway, Brazil, Guyana and Australia, the group noted.

"The COVID-19 pandemic has negatively affected global economic activities, eliminating global oil demand growth potential and leading to a y-o-y decline of 6.4 mb/d in 1Q20 and by 17.3 mb/d y-o-y in 2Q20," the June report highlighted. "Considering the large uncertainties going forward, new data and developments may warrant further revisions in the near term," it concluded.

Breaking the News / JC