Thu, 2019-09-12 01:49
LONDON: OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day (bpd), 60,000 bpd less than previously estimated.
The weaker outlook amid a US-China trade war and Brexit could press the case for OPEC to maintain or adjust their policy of cutting output.
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