Home Business OPEC revises world oil demand to 8.9m bpd

OPEC revises world oil demand to 8.9m bpd

by Kunle Awosiyan

The Organization of the Petroleum Exporting Countries (OPEC), on Tuesday revised downward its world oil demand in 2020, to an estimated 8.9 million barrel per day (bpd) adjusting it up by 0.1 million bpd against last month’s projection.

OPEC’s projections in its July Monthly Oil Market Report, comes amid uncertainties around the extension of production cuts earlier agreed with allies to stabilise the market

In the meantime, OPEC members are expected to hold a committee meeting, this week, to assess the status of the oil market and decide on its next steps

The cartel currently agreed on a 9.7 million barrels-per-day cuts, which expires at July end and likely to be reduced further to 7.7 million barrels per day.

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