OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast

Group cuts 2020 consumption-rise forecast by 920,000 b/d
Secretariat calls for cooperation after OPEC+ coalition cracks

Oil Bounced Back from Recent Plunge

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By Helen Robertson and Grant Smith

March 11, 2020 at 1:27 PM UTC

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OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.

Having expected a month ago that fuel consumption would increase by just under 1 million barrels a day, or 1%, in 2020, the group said in a report on Wednesday it now sees an increase of just 60,000 barrels a day. It also sharply cut estimates for supplies from rivals as lower prices hobble U.S. shale drillers.