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OPEC Sees Demand for Its Crude Dropping to Lowest in 30 Years

  • Consumption of group’s oil will be below 20 million b/d in 2Q
  • The organization hasn’t pumped so little since early 1989
Photographer: Ali Mohammadi/Bloomberg

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts.

Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in the second quarter, according to a monthly report from the group. It hasn’t pumped this little crude since early 1989.