OPEC extends forecast for decline in global oil demand

THE WALL STREET JOURNAL đź”’ | The economic hit from the coronavirus pandemic will hurt global energy demand harder and for longer than previously feared, the Organization of the Petroleum Exporting Countries said Monday.


In its monthly report, OPEC said it expects the pandemic to reduce demand by 9.5 million barrels a day, forecasting a fall in demand of 9.5% from last year.


In further signals of the gloom, the cartel softened the amount by which it expects non-OPEC oil supply to fall this year—in part because of a recovery in U.S. output—and blunted its demand recovery forecast for next year. That was accompanied by a sharper forecast hit to the global economy: OPEC now expects a 4.1% contraction in activity.

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