2019-09-12 | 02:33
[size=18]OPEC today lowered its forecast for global oil demand growth in 2020 due to an economic slowdown, in speculation the organization says it highlights the importance of ongoing efforts to prevent a new glut.
In a monthly report, the Organization of the Petroleum Exporting Countries trimmed its forecast for global oil demand growth next year by 60,000 bpd to 1.08 million bpd, suggesting the market could see a surplus.
In its report, OPEC trimmed its forecast for global economic growth in 2020 to 3.1% from 3.2%.
The outlook is weaker in light of the trade dispute between the United States and China , and Britain's exit from the European Union.
The report indicates that 2020 will see a supply surplus of 340 thousand barrels per day if OPEC continued production at the rate of August and the rest of the factors remain unchanged, more than the surplus expected in the report issued last month.