Jakarta, CNBC Indonesia – The world oil producer organization or OPEC estimates that world oil demand will still weaken this year and next year. OPEC is revising its 2020 and 2021 oil demand forecasts.
This revision is due to the impact of the Covid-19 pandemic on the world economy, as stated by OPEC in its monthly report, Wednesday (11/11). AFP.
OPEC estimates that world crude oil demand will fall by 9.8 million barrels per day in 2020, compared to the previous estimate which was only projected to decline by 9.5 million barrels per day. Meanwhile, overall oil demand is estimated to be slightly above 90 million barrels per day.
The transportation and industrial fuel oil sector still had an impact in the fourth quarter of 2020 on world oil demand.
As for the 2021 projection, OPEC estimates that there will be a slight increase of 6.2 million barrels per day from 2020, but this projection has decreased by 300,000 barrels per day from the previous estimate, so that the total world oil demand in 2021 is projected to average only 96.3 million. barrels per day.
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