OPEC adjusts oil demand to 8.9 million bpd
The Organization of the Petroleum Exporting Countries (OPEC), yesterday, revised downward its world oil demand in 2020, to an estimated 8.9 million barrel per day (bpd) adjusting it up by 0.1 million bpd against last month’s projection.
OPEC’s projections enclosed in its July Monthly Oil Market Report, comes amid uncertainties clouding the extension of production cuts earlier agreed with allies to stabilise the market, as some analysts forecast price, insisting extension of the cuts may be suicidal.
This week, OPEC+ is expects to hold a committee meeting to assess the status of the oil market and decide on its next steps. The cartel currently agreed on a 9.7 million bpd cuts, which expires at July end and likely to be reduced further to 7.7 million bpd.
OPEC said the upward revisi...