The emblem of the Group of the Petroleum Exporting International locations (OPEC) on the headquarters.
Omar Marques | LightRocket | Getty Photographs
In a closely-watched month-to-month report revealed Wednesday, the Center East-dominated producer group downwardly revised its outlook for world oil demand development to 0.99 million barrels per day (bpd) in 2020. That is down by 0.23 million bpd from the earlier month’s estimate.
The amended forecast is prone to reinforce the case for OPEC and allied non-OPEC producers, together with Russia, to impose extra output cuts sooner reasonably than later.
“The impression of the Coronavirus outbreak on China’s financial system has added to the uncertainties surrounding world financial development in 2020, and by extension world oil demand development in 2020,” OPEC stated within the report.
“Clearly, the continuing developments in China require…