March 5, 2021

Oil demand: Opec sees gradual oil demand restoration in second half of yr

LONDON: Opec on Wednesday forecast a gradual restoration in oil demand that has been hammered by the coronavirus disaster and stated report provide cuts by the group and different producers had been already serving to rebalance the market.

In a month-to-month report, the Group of the Petroleum Exporting Nations stated world oil demand would decline by 6.four million barrels per day (bpd) within the second half of 2020, a much less extreme drop than the 11.9 million bpd fall within the first six months.

“A gradual restoration (is) projected till the tip of 2020,” Opec stated within the report.

Opec didn’t additional minimize its 2020 oil demand forecast within the report.