Business & Finance

OPEC downgrades oil demand forecast in 2020

VIENNA, The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday cut its forecast for growth in world oil demand in 2020 because of the economic slowdown.

In its monthly report, OPEC said global demand for oil would increase by 1.08 million barrels per day – a decrease of 60,000 barrels per day compared with their previous assessment.

It added that the oil market would witness a surplus.

The organization attributed the decline in oil prices to continued economic slowdown in the US and the Eurozone.

OPEC also expected a drop in global economic growth to 3 percent in 2019 and 3.1 percent in 2020, compared with an increased previous forecast.

Source: Kuwait News Agency