OPEC downgrades forecast for oil demand: drop is 9.07 million barrels per day

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    OPEC forecast

    OPEC published a new May report in which it worsened the previous forecast for falling oil demand. Now the organization expects an average annual decline of 9.07 million barrels per day to 9.07 million barrels per day (in 2019, this figure was 99.67 million barrels per day).

    Even in the April report, the figure was 6.8 million barrels per day, which would be 92.87 million barrels per day, but OPEC worsened its expectations due to protracted restrictions due to coronavirus.

    The report also says about quarterly expectations:

    1. In the second quarter of 2020 - 81.3 million barrels per day;
    2. In the third quarter of 2020 - 92.3 million barrels per day;
    3. In the fourth quarter of 2020 - 96.3 million barrels per day.
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