Report: OPEC+ sees oil demand rise slowing down to 200,000 bpd 20 - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

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 JanuaryMarch, the increase is to slow down to 800,000 barrels per day from 1.17 million bpd expected earlier. In AprilJune, it can fall to 770,000 barrels per day from 1.8 million bpd. In JulyDecember, it can recover to 1.21.3 million bpd.

The fall of oil demand can cause a glut of 600,000 bpd in JanuaryMarch and 1 million barrels in AprilJune, 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.

End

04.02.2020 18:03
 
 
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