[Reuters, London 11]-The Oil Exporting Countries Organization (OPEC) released a monthly report released on the 11th, assuming a slowdown in the economy, and revised downward the projected growth in global crude oil demand in 2020, and continued collaborative production cuts with member countries Stressed the need for.
OPEC reported in a monthly report that the global crude oil demand growth forecast for next year has been increased by 1.08 million barrels a day, and has been revised downward by 60,000 barrels from the previous forecast.
The global economic growth forecast for 20 years has also been lowered from 3.2% to 3.1%.
In addition, the “strong growth” in the supply of oil-producing countries such as the United States is expected to surpass the growth in crude oil demand next year.
OPEC stressed that this outlook “empowered the joint responsibility of all oil-producing countries to support the stability of the oil market and avoid the possibility of a reoccurrence of market imbalances.”
According to the Iraqi government, the need for additional cuts will be discussed on the 12th.
