OPEC Cuts Oil Demand Outlook Again As COVID Slows Recovery

For yet another month, OPEC revised down its expectations for global oil demand as the renewed spike in coronavirus cases in major economies is slowing down the oil demand recovery. In its closely watched Monthly Oil Market Report (MOMR), the cartel cut on Wednesday its global oil demand forecast for this year by 300,000 barrels per day (bpd) compared to last month’s estimate and now sees global oil demand at slightly above 90.0 million bpd this year, down by 9.8 million bpd compared to 2019. The main reasons for the expected even lower demand…