OPEC expected today, Wednesday, that global oil demand in 2020 will fall by 9.75 million Barrels per day from previous expectations of 9.47 million barrels per day.
In its report released on Wednesday, the organization indicated that it may increase oil demand in 2021. By 6.25 million barrels per day, from previous expectations for an increase of 6.54 million barrels per day, and indicated that the latest restrictions related to the Corona virus in Europe will significantly affect demand for the remainder of 2020.
OPEC says the recovery in oil demand will be greatly undermined and the slowdown in fuel demand for purposes Transport and industry will continue until mid-2021, and it indicated that its oil production rose by 320 thousand barrels per day in October to 24.39 million barrels per day, against the background of the recovery of Libya's production.
It is reported that Saudi Energy Minister Prince Abdulaziz bin Salman confirmed two days ago that The OPEC Plus agreement can be amended by consensus, and he added in his statements that there may be a change beyond what analysts suggest, indicating that with the return of Libya's production, and the new general isolation measures, the market is still stable.
