Opec Has cut Its Forecast For Global Oil Demand This Year

The Organization of the Petroleum Exporting Countries (Opec) on Thursday cut its forecast for global oil demand this year as the coVID-19 epidemic continues to hit oil demand.

In its September oil market report released on the same day, Opec forecast that global oil demand would fall by 9.46 million barrels per day in 2020 compared with the previous year, a bigger drop than the 9.06 million barrels per day forecast in August.

The report pointed out that due to the impact of factors such as the continued spread of the epidemic, the downside risk of oil demand continues to rise. At the same time, prospects for a recovery in economic activity and the potential for oil demand growth are uncertain.

According to the report, in addition to the epidemic, high debt, geopolitical risks, the international trade situation and the UK's "Brexit" trend will also bring uncertainties to the world economic development, thus affecting oil demand.

International oil prices rose in August, up 4 percent month-on-month, the best performance since February, the report said. But considering the above uncertain factors, the future international oil price may rise anemic.

International oil prices fell on 14th. Light crude for October delivery closed down 7 cents, or 0.19%, at $37.26 a barrel on the New York Mercantile Exchange. London Brent crude for November delivery fell 22 cents, or 0.55%, to settle at $39.61 a barrel.

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