OPEC says April oil demand to fall 12 mbpd, Q2 to be -12 mbpd. Risks to the downside

  
Analysis, Crude

OPEC forecasts

  • Cuts 2020 world oil demand forecast by 6.9 mbpd
  • Says April demand to contract by 20 mbpd
  • Q2 demand to be down by around 12 mbpd
  • 2020 non-OPEC supply is forecast to decline by 1.5 mbpd
  • Downward risks in oil demand forecast remain significant, suggesting possibility of further adjustments
These numbers are fanciful and the comment about downward adjustments is the important one. US gasoline demand as down nearly 50% in the weekly EIA report. WTI is chopping around $20.20.
Go to top