OPEC cuts outlook for 2020 global oil demand growth on coronavirus

MOSCOW, Mar 11 (PRIME) -- OPEC has lowered its forecast for global oil demand growth in 2020 by 0.92 million barrels per day to 0.06 million barrels per day and reduced its estimate of 2019 demand growth by 80,000 barrels per day to 0.83 million barrels per day, OPEC said in its March report on Wednesday.

Oil demand in 2020 is thus expected at 99.73 million barrels per day.

OPEC believes that the coronavirus outbreak will affect growth of oil demand not only in China, but in Japan, South Korea and other regions.

OPEC also said it reduced its oil production by 546,000 barrels per day as compared to January to 27.772 million barrels per day in February due to lower output by Libya and Saudi Arabia.

OPEC also lowered its outlook for growth of oil supplies by non-OPEC states in 2020 by 500,000 barrels per day to 1.8 million barrels per day.

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