The logo of the Organization of the Petroleum Exporting Countries (OPEC) at the headquarters.
Omar Marques | LightRocket | Getty Images
In a closely-watched monthly report published Wednesday, the Middle East-dominated producer group downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. That’s down by 0.23 million bpd from the previous month’s estimate.
The amended forecast is likely to reinforce the case for OPEC and allied non-OPEC producers, including Russia, to impose additional output cuts sooner rather than later.
“The impact of the Coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020,” OPEC said in the report.
“Clearly, the ongoing developments in China require…