Investing.com – The Organization of the Petroleum Exporting Countries (OPEC) has downgraded its forecast for oil demand in 2020 by 9.5 million barrels per day to the level of 2019 to 90.2 million barrels per day. This was reported in the OPEC oil market report for September.
The outlook was lowered due to a slower recovery in demand in Asia, particularly in India.
OPEC expects that in 2021 oil demand may increase by 6.6 million barrels per day – up to 96.7 million barrels per day.
The report also says that Russia in August improved the implementation of the agreement to cut oil production by OPEC + countries to 99% after July's 91%. As part of the OPEC + deal launched in May, the country reduced oil production by 1.979 million barrels per day in August from the promised 2.007 million.
Production of liquid hydrocarbons in Russia (oil and condensate) in August increased by 0.49 million barrels per day in monthly terms, to 9.97 million barrels per day. At the same time, oil production alone amounted to 9.21 million barrels per day against 8.72 million in July. Condensate production remained unchanged at 760 thousand barrels per day.
(Text prepared by Yana Shebalina)