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OPEC cuts its forecast for oil demand in 2020 and urges to seek a new glut
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OPEC on Wednesday lowered its forecast for global oil demand growth in 2020 due to an economic slowdown, which the organization says it highlights the need for ongoing efforts to prevent a new glut.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecast for world oil demand growth next year by 60,000 bpd to 1.08 million bpd, suggesting the market could see a surplus.
Weaker prospects in light of the trade dispute between the United States and China and Britain's exit from the European Union could reinforce the case for the organization and its allies, including Russia, to maintain their policy of cutting or adjusting production.
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