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9/14, 1:40 PM (Source: TeleTrader)
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OPEC cuts global crude demand forecast by 400K b/d

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to fall by 9.5 million barrels per day this year, down by 400,000 from its previous forecast, according to the cartel's closely-watched monthly report released on Monday.

"Risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines," the September report noted. Consequently, world demand in 2021 is now projected to grow by 6.6 million barrels per day, down by 400,000 compared to the previous month's estimate.

OPEC revised its non-OPEC oil supply growth forecast for 2020 up by 360,000 b/d from the previous month’s assessment on the back of a quicker-than-expected rebound in June in the United States. For 2021, the cartel said production should grow by 1 million b/d with the US, Canada, Brazil and Norway leading in terms of growth.

Demand for OPEC crude was projected at 22.6 million b/d down by 6.7 million b/d on the year.

Breaking the News / JC