“Daily Oil Demand Will Drop 8.9 Million Barrels”

“Daily Oil Demand Will Drop 8.9 Million Barrels”

According to the statement made by the Organization of Petroleum Exporting Countries (OPEC), daily oil demand will drop by 8.9 million barrels in the whole of 2020. In the monthly report published by OPEC, a lot of information and forecasts about global oil demand were included. According to the report, global oil demand will decrease 8.9 million barrels a day in the rest of 2020. The report also includes forecasts for next year, with an average of 7.0 million barrels per day in 2021. It is stated that this increase will partially recover the oil exports in 2021. OPEC predicts that the production of liquid natural gas (LNG) will decrease 100 thousand barrels per day in 2020, and 80 thousand barrels per day in 2021. With this increase expected to be observed next year, it is estimated that the production level will reach an average of 8.13 million barrels per day. In the said report, it was observed that the forecast of increase in oil production of non-OPEC countries decreased by an average of 30 thousand barrels per day compared to previous reports. With this update, it is stated that non-OPEC countries' oil production in 2020 will decrease by 3.26 million barrels per day. The report also included countries that are expected to generate gains in global oil supply. Accordingly, the countries expected to make the biggest gain were the USA, Brazil, Norway, Canada and Australia, respectively.