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The global oil demand is expected to plummet by 6.8 mln barrels per day (mb/d) in 2020, the Organization of the Petroleum Exporting Countries (OPEC) says in its April report.
“For 2020, the world oil demand growth forecast is revised lower by 6.9 mb/d, to a historical drop of around 6.8 mb/d. The contraction in the 2Q of this year is expected to be around 12 mb/d, with April witnessing the worst contraction at about 20 mb/d,” OPEC says.
“Considering latest developments, and the large uncertainties going forward, downward risks remain significant, suggesting possibility of further adjustments, especially in the 2Q, should new data and further developments warrant revisions,” the Organization said.
