Organization Petroleum Exporter Countries (OPEC) trimmed oil-demand growth by 100,000 barrels per day in monthly report released on August 13. It said, the global oil demand growth is forecast to decline by 9.1 million barrels per day (mb/d).
This is 100,000 barrels lower than last month’ forecast, mainly due to lower economic activity levels in a few major non-OECD countries. On a quarterly basis, the more-than-expected decline in the non-OECD countries in the second quarter (2Q) of 20 was partially counterbalanced by better-than-expected demand in Europe.
OPEC said, the 2H of 2020 is adjusted lower, compared to July’ assessment, in line with the expected softer economic momentum, mainly in a few non-OECD countries. While, for 2021, the world oil demand growth is forecast to rise by 7.0 mb/d, unchanged from last month.