OPEC cuts 2020 oil demand forecast, trims 2021 outlook on pandemic fallout

OPEC cuts 2020 oil demand forecast, trims 2021 outlook on pandemic fallout

A oil tanker goods train passes towards Nizamuddin Railway Station near Ashram in New Delhi on July 30, 2020.Mayank Makhija | NurPhoto via Getty ImagesLONDON — OPEC has cut its forecast for oil demand growth this year, citing a weaker-than-expected recovery in India and other Asian countries, and warned risks remain "elevated and skewed to the downside" for the first half of next year. In a closely-watched monthly report published Monday, the group of oil-producing nations downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020. That's down 400,000 bpd from the previous month's estimate and reflects a contraction of 9.5 million bpd year-on-year. The report comes as energy market participants become increasingly concerned about a faltering economic recovery and stumbling fuel demand