Energy

OPEC cuts 2020 demand forecast, trims 2021 outlook

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A oil tanker goods train passes towards Nizamuddin Railway Station near Ashram in New Delhi on July 30, 2020.

Mayank Makhija | NurPhoto via Getty Images

LONDON — OPEC has cut its forecast for oil demand growth this year, citing a weaker-than-expected recovery in India and other Asian countries, and warned risks remain “elevated and skewed to the downside” for the first half of next year.

In a closely-watched monthly report published Monday, the group of oil-producing nations downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020. That’s down 400,000 bpd from the previous month’s estimate and reflects a contraction of 9.5 million bpd…



Source cnbc.com

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