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July 14, 2020, 8:29 a.m. EDT

OPEC trims forecast for 2020 oil-demand decline

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By William L. Watts

The Organization of the Petroleum Exporting Countries on Tuesday said it now sees 2020 oil demand falling by around 8.9 million barrels a day versus a June forecast for a fall of around 9 million barrels a day. OPEC said better-than-expected data in the developed nations that make up the Organization for Economic Cooperation and Development would serve to ease the drop and ore than offset a downward revision to non-OECD demand. In 2021, OPEC expects oil demand to partially recover from this year's drop, rising by 7 million barrels a day.

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