Opec Sees Even Slower Oil Demand Recovery

Oil prices rose this Thursday, taking the week’s gains to more than 11% on growing hopes that the world’s major producers will hold off on a planned supply increase. Meanwhile, OPEC on Wednesday trimmed its global oil demand forecasts for the remainder of this year and 2021, citing a weaker-than-expected economic outlook and a surge in coronavirus cases.

In a closely watched report, the group of oil-producing nations said it now expects world oil demand to contract by around 9.8 million barrels per day year over year in 2020. That reflects a downward revision of 0.3 million barrels from last month’s assessment.

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