Day: November 13, 2020

Delayed Recovery

For yet another month, OPEC revised its expectations for global oil demand as the renewed spike in coronavirus cases in major economies is slowing down demand recovery. The group now sees global oil demand at slightly above 90.0 million barrels per day this year, down by 9.8 million bpd compared to 2019. As a result, talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates as they think twice about easing cuts in January.