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- OPEC sees global oil demand to drop 9.07 million bpd in 2020 vs. its previous forecast of 6.85 million bpd decline
OPEC sees global oil demand to drop 9.07 million bpd in 2020 vs. its previous forecast of 6.85 million bpd decline
- Non-OPEC supply forecast to fall 3.50 million bpd vs. its previous forecast of 1.5 million bpd drop
- All producers outside of OPEC has so far announced curbs of 3.6 million bpd
- Says worst demand contraction in major centers is expected in Q2 of 2020
- Supply curbs are already started showing positive response, with rebalancing expected to pick up faster in coming quarters
- OPEC oil output rose by 1.80 million bpd in April to 30.41 million bpd
- Saudi Arabia boosted oil output in April by 2.274 million bpd to a record of 12.007 million bpd
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