Opec lowers 2020 oil demand growth forecast to 60,000 bpd – The National

Opec lowers 2020 oil demand growth forecast to 60,000 bpd – The National

Opec lowers 2020 oil demand growth forecast to 60,000 bpd. The group forecast further revisions, saying downward risks outweighed positive indicators for the rest of the year. Opec revised down its oil demand growth forecast for 2020 to 60,000 barrels per day, as it factored in the impact on economic growth from the continued spread of the coronavirus outbreak.. The group lowered its estimations for the year by 92,000 bpd, citing the spread of the epidemic beyond China, the biggest importer of oil.. "The impact of the Covid-19 outbreak in China and its adverse impacts on transportation and industrial fuels were the main causes of this downward revision," Opec said in its oil market outlook for March.. The group joins the International Energy Agency in revising expectations for demand growth.. The Paris-headquartered agency said earlier this week that global oil demand is set to contract in 2020 - the first full-year decline in more than a decade.. The agency expects a decline in oil demand of 90,000 bpd, largely due to the decline in consumption in the first half of the year.. China, the world's largest importer of oil, accounts for 80 per cent of global oil demand, according to