OPEC reduces expectations for oil demand: the pace of balance will accelerate

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CAIRO – By Mohamed Salah – OPEC again today cut its forecast for global oil demand this Wednesday, as the outbreak of the Corona virus causes a global recession, but it said that the unprecedented supply cuts implemented by the organization and other producers are already helping to rebalance the market.

The Organization of Petroleum Exporting Countries said in its monthly report that it had come to expect global demand to shrink 9.07 million barrels per day, or 9.1 percent, in 2020. Last month, OPEC expected a contraction of 6.85 million barrels per day.

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OPEC and allies, in the context of what is known as the OPEC + group, started on May 1 an unprecedented production cuts to meet the oversupply, and other producers, including the United States, said they would pump less. OPEC said the cuts are paying off.

OPEC said in the report, “The rapid adjustment of supplies to deal with the current severe imbalance in the global oil market is already beginning to show positive results, as the pace of balance is expected to accelerate in the coming quarters of the year.”

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