Opec slashes oil demand outlook on Covid restrictions

Opec slashes oil demand outlook on Covid restrictions

Opec said demand for its crude oil next year will be lower than initially anticipated, putting greater pressure on producer countries to reconsider their plan to unload more barrels on the market from January.

The cartel's research arm published the report in the run-up to two days of crucial meetings starting November 30 between ministers of Opec countries and continuing the next day with allies including Russia. The expanded Opec+ group is expected to decide whether to push ahead with a plan to taper production cuts.

Opec revised down its estimates for how many barrels will be required from the group by 200,000 b/d for this year and 600,000 b/d “” to 27.4m b/d “” for 2021. The volume expected to be required from Opec countries to balance global supply