Report: OPEC+ sees oil demand rise slowing down to 200,000 bpd ‘20
MOSCOW, Feb 4 (PRIME) -- The growth of international demand for oil will fall by 200,000 barrels per day (bpd) this year, if the coronavirus situation develops under the worst case scenario, Bloomberg reported on Tuesday quoting delegates of the technical committee of the OPEC plus nonmember oil output reduction deal.
The oil demand growth is expected at 1.01 million barrels per day after a forecast of 1.22 million barrels per day before the virus.
In January–March, the increase is to slow down to 800,000 barrels per day from 1.17 million bpd expected earlier. In April–June, it can fall to 770,000 barrels per day from 1.8 million bpd. In July–December, it can recover to 1.2–1.3 million bpd.
The fall of oil demand can cause a glut of 600,000 bpd in January–March and 1 million barrels in April–June, if OPEC oil output reduction remains at the current level.
If the coronavirus situation develops under a moderate scenario, demand will rise by 1.09 million barrels per day in 2020, while the earlier estimate was higher by 124,000 barrels.