OPEC says global economy growth won’t reverse a slump in oil demand

WORLD OIL | OPEC predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets.

While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during the first six months of this year, the Organization of Petroleum Exporting Countries said in its latest monthly oil market report. The slow resumption of flights will constrain jet-fuel consumption, and high unemployment will restrict gasoline use, it said.

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