OPEC cuts global oil demand forecasts over coronavirus

VIENNA The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for growth in global oil demand this year to 29.3 million barrels per day (pbd).

In its monthly report on the world oil market, the cartel said it has lowered its forecasts due to the outbreak of coronavirus.

“The outbreak of the coronavirus in China during the first half of 2020 is the major factor behind this downward revision,” OPEC added.

The OPEC basket price for January fell by 2.1 percent to USD 65.10 pb, according to the report.

Source: Kuwait News Agency